I’m SIXTEEN TRILLION in debt and all I’ve got to show for it is a faded Obama poster:
WASHINGTON TIMES – The Treasury Department said Tuesday that the federal government has now officially topped $16 trillion in debt.
The announcement, which came just an hour before Democrats gaveled in their convention in Charlotte, N.C., to renominate President Obama for another four-year term, immediately boosted the government’s grim fiscal picture back to the fore of the national debate.
Debt has risen at a meteoric pace under Mr. Obama — in less than four years in office he has already eclipsed President George W. Bush’s eight years. His advisers say he has a “plausible” plan to stabilize the debt, but defend his spending plans, saying to withdraw government stimulus now would hurt the economic recovery.
Tuesday’s numbers reflect where debt stood as of close of business Friday, which was the previous business day.
The government had closed Thursday with a debt of $15.991 trillion, but jumped to $16.016 trillion on Friday after a round of debt auctions.