Fifth straight year in which federal government increased debt by more than a trillion

July 26, 2012 / MariaNews.com

Fifth straight year in which federal government increased debt by more than a trillion 

By Catholic Online

LOS ANGELES, CA (Catholic Online) – It wasn’t always this way. Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. It was only onward after fiscal 2008 that the federal government increased its debt by at least $1 trillion each and every fiscal year.

Beginning on October 1 and ending on September 30, The federal fiscal year at the close of business on Sept. 30, 2011, which is the last day of fiscal 2011, the total debt of the federal government was $14,790,340,328,557.15.

By June 29, the last business day of the third quarter of fiscal 2012, which debt had grown to $15,856,367,214,324.44, which is an increase for this fiscal year of $1,066,026,885,767.29.

In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19, which marked a total increase so far in fiscal 2012 of $1,084,025,128,703.25.

According to the U.S. Treasury In fiscal 2007, the federal government’s debt increased $500,679,473,047.25, marking the last fiscal year in which the federal government’s debt did not increase by at least $1 trillion.

In fiscal 2008, the debt increased $1,017,071,524,650.01. In fiscal 2009, it increased $1,885,104,106,599.26. In fiscal 2010, it increased $1,651,794,027,380.04. And in fiscal 2011, it increased $1,228,717,297,665.36.

For this fiscal year — which is a leap year of 366 days — the Treasury has increased the net debt of the federal government at an average rate of $3,699,744,466.56 per day. If that average were to hold up for the 73 days that remained in the fiscal year after July 19, the debt would increase in fiscal 2012 by a total of $1,354,106,474,762.13-a greater increase than last year.

At the close of business on Sept. 30, 2007, marking the beginning of fiscal 2008, the total debt of the federal government stood at $9,007,653,372,262.48. At the close of business on July 19, it stood at $15,874,365,457,260.40–an increase of $6,866,712,084,997.92 in less than five years.

© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

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