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, the National debt has surpassed 103% of Gross Domestic Product (GDP). The Greek Debt Crisis of 2010 was precipitated when Greek debt reached 115% of GDP.<ref></ref>]] The National Debt is the amount of money the United States Federal government owes various creditors due to deficit spending. As of March 31, 2014, the national debt was approximately $17.6 trillion. <ref name=“TreasPenny”>United States Department of the Treasury, Bureau of the Public Debt (December 2010). "The debt to the penny and who holds it". TreasuryDirect. Retrieved April 8, 2014.</ref>

Debt of the US

In January 20, 2001; the same year of George W. Bush's inauguration into office, the national debt of the United States was 5.7 trillion dollars and by the end of his run in office (January 19, 2009) it was at 10.6 trillion dollars. <ref></ref>

Debt to GDP Ratio

Instead of measuring an absolute number, the debt to GDP ratio is the measurement of the national debt as a percentage of the gross domestic product. It is a measure of the debt in relation to the economy and of our capacity to carry and repay debt.<ref>National Debt burden: Full history 29-Jan-05 </ref> The US Debt to GDP ratio is getting larger, as the US economy's debt is growing faster than the GDP.<ref>Steve McGourty United States National Debt (1938 to Present)May 6, 2007 </ref> This has not always been the case: During the last 8 presidential administrations(pre-Obama), the US Debt to GDP ratio was reduced under Lyndon Johnson, Richard Nixon, Jimmy Carter, and Bill Clinton; but increased under Gerald Ford, Ronald Reagan, George H W Bush, and George W Bush.

Debt Ceiling

:Main Article: Debt Ceiling

The debt ceiling is a limit imposed on the Treasury by Congress. The Treasury may not issue debt in excess of this amount to fund government operations. As of the beginning of May 2011, the debt ceiling is $14.294 trillion and was last raised on February 12, 2010.<ref>“H. J. Res. 45: Statutory Pay-As-You-Go Act of 2010”</ref> Raising the debt ceiling is not the same thing as spending more money, since spending is dictated by the Federal Budget, but it does allow the Federal Government to meet any existing financial obligations. It is not certain what would happen if the national debt reaches the debt ceiling without action by Congress. Liberal politicians and pundits, including Treasury Secretary Timothy Geithner, claim that government would default on its obligations, causing global financial markets to collapse. Many financial market experts and conservatives, especially TEA Partiers opposed to raising the debt ceiling, see no evidence that a default would occur in such a situation.<ref>Hurlbut, Terry A. “Debt Ceiling Reached, Sky Does Not Fall.” May 16, 2011. Conservative News and Views.</ref> However, in 1983, when Congress was debating whether to raise the debt ceiling, Ronald Reagan said: <blockquote>“The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in foreign exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”<ref>“Ronald Reagan on Raising the Debt Ceiling.” May 17, 2011.</ref></blockquote>


Recent additions to U.S. public debt<ref name=“TreasPenny”/><ref name=TreasuryHistDebt>United States Department of the Treasury, Bureau of the Public Debt (2010). "Government – Historical Debt Outstanding – Annual". TreasuryDirect. Retrieved January 16, 2011.</ref><ref name=“OMBDebtHistory”>The Executive Office of the President of the United States, Office of Management and Budget (February 14, 2010). "Historical Tables: Table 7-1; 10-1", The White House. Retrieved February 15, 2010.</ref> <ref name=“BEAGDP”>United States Department of Commerce, Bureau of Economic Analysis. "National Economic Accounts: Gross Domestic Product: Current-dollar and 'real' GDP". Retrieved August 3, 2011.</ref>
Fiscal year (begins <br />10/01 of prev. year) GDP<br />$Billions Value of <br />increase<br />in debt<br />$Billions % of GDP Total debt<br />$Billions % of GDP
1994 $7,200 $281–292 3.9–4.1% ~$4,650 64.6–65.2%
1995 7,600 277–281 3.7% ~4,950 64.8–65.6%
1996 8,000 251–261 3.1–3.3% ~5,200 65.0–65.4%
1997 8,500 188 2.2% ~5,400 63.2–63.8%
1998 8,950 109–113 1.2–1.3% ~5,500 61.2–61.8%
1999 9,500 127–130 1.3–1.4% 5,656 59.3%
2000 10,150 18 0.2% 5,674 55.7%
2001 10,550 133 1.3% 5,792 54.8%
2002 10,900 421 3.9% 6,213 57.1%
2003 11,350 570 5.0% 6,783 59.8%
2004 12,100 596 4.9% 7,379 61.0%
2005 12,900 539 4.2% 7,918 61.4%
2006 13,700 575 4.2% 8,493 62.1%
2007 14,300 500 3.5% 8,993 62.8%
2008 14,750 1,018 6.9% 10,011 67.8%
2009 14,400 1,887 13.1% 11,898 82.5%
2010 14,800 1,653 11.2% 13,551 91.6%
2011 15,400 1,230 8.0% 14,781 96.1%
2012 16,100 1,278 7.9% 16,059 99.8%
2013 16,650 673 4.0% 16,732 100.6%
2014 (Oct-13—<br>Dec-13 only) 620 3.7% 17,352 103.3%

<small> The more precise FY 1999–2013 debt figures are derived from Treasury audit results.

The variations in the 1990s and FY 2014 GDP figures are due to double-sourced or<br> relatively preliminary GDP figures, respectively.

The U. S. Bureau of Economic Analysis performed a revision of GDP figures in 2013.




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national_debt.txt · Last modified: 2020/03/12 18:36 (external edit)