Federal Debt The federal debt has resumed rising since our last report, when it had ticked down temporarily due to a seasonal surge in revenue as persons and corporations paid their 2012 income taxes. As of Oct. 4, the amount the Treasury owed to the public was just under $11.94 trillion, an increase of 89.3 percent since the day Obama first became president. That’s still slightly below the 90 percent rise we reported in our April report. However, the Obama administration recently projected an annual deficit of $750 billion in the fiscal year that began Oct. 1, and $626 billion the year after. At that rate, the debt owed to the public will more than double during the Obama presidency. Critics of federal debt levels often cite another, larger figure for total federal debt, which includes money the federal government owes to itself through such devices as the Social Security and Medicare trust funds. That total debt figure stood at just under $16.75 trillion on Oct. 4. That’s an increase of 57.6 percent since Obama was first sworn in.
Posted on: Fri, 18 Oct 2013 21:54:22 +0000
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