Grim Milestone: Federal Debt exceeds $12,000.000,000,000

That’s 12 TRILLION Dollars.

Which is about $40,000.00 of debt for every man, woman, and child living in the United States.

National Debt Now Tops $12 Trillion
By Mark Knoller

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

In recent days, President Obama has spoken of the need to bring the rising deficit and debt under control.

Well sure, Barry, close that barn door. Then start rounding up the horses.

Hat Tip: Hot Air

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A Further Note:

The 2009 Federal Budget, which would normally be passed by Congress and signed into law by the President before the end of September, 2008 (the last month of the Federal Fiscal Year) was not. Instead, the Congress (controlled by the Democrats) passed continuing resolutions and deferred the actual budget until after the victor in the 2008 Presidential Election was sworn into office. Thus the 2009 Budget, which would normally be attributable to the outgoing Administration, is instead wholly a product of the Democtratic Party and President Obama. The jump from 11 Trillion to 12 Trillion was entirely attributable to Pelosi, Obama, and Reid.

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