Federal Debt on Pace for Record year in 2011
The national debt rose by $569.4 billion in the first four months of fiscal 2011, putting this year on pace to become the second-ranking year in U.S. history for accumulating new federal debt.
The federal debt increased by $105.8 billion in January, pushing the total debt to $14.13 trillion, according to the U.S. Treasury Department.
Fiscal 2009 set the record for increasing the debt, raising it by $1.89 trillion. In that year, Congress passed the $700 billion Troubled Asset Relief Program that President George W. Bush signed in October 2008, and the $787 billion stimulus bill that President Barack Obama signed in February 2009.
Fiscal 2010 is currently the second-ranking year — the debt rose by $1.65 trillion that year.
But the “federal government’s accumulation of new debt in fiscal 2011 is currently on a pace to outstrip the new debt accumulated in fiscal 2010,” CNS News reported.
“If the government continues accumulating debt in the final two-thirds of the year as quickly as it did in the first third [October through January], then the total new debt accumulated for fiscal 2011 would reach $1.7 trillion,” ahead of 2010 but behind 2009.
Also at that current rate, the federal government would end up borrowing an additional $5,532 for each man, woman and child in the country. And the total debt of $14.13 trilling equals $45,769 per person.