The national debt hit $19.5 trillion for the first time ever this week, a little more than seven months after it hit the $19 trillion mark.
The debt clocked in at $19.51 trillion at the end of Wednesday, the Treasury Department reported Thursday afternoon. Precise debt figures on any given day are released on the following business day.
The national debt hit $19 trillion for the first time ever on Jan. 29.
When President Obama took office in early 2009, the total debt was $10.63 trillion, which means it has almost doubled under his watch.
The Congressional Budget Office reported in August that the debt-to-GDP ratio will match levels not seen since 1950 by the end of the current fiscal year.
Obviously this is unsustainable and everyone knows it. It’s become a game of hot potato between the two major political parties in the US. Everyone is just hoping that the other guys are in office when time finally runs out. But it’s not going to matter at that point.