Excerpt
On January 14, 2010, the sum of the outstanding debt owed by the Federal Government was $12,258,545,028,915.24 (or $12.2 trillion, to be less exact). The debt stood at $5.7 trillion when President George W. Bush took office and at $10.6 trillion when Barack Obama was inaugurated. Analysts predict that it will surpass $13 trillion by 2013.
The national debt is the total amount of funds that the Federal Government has borrowed over the years and not repaid. It differs from the Federal deficit, which is the amount the government spends each year in excess of its revenues. The accumulation of deficits, year after y…
In This Issue
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Legislative Background
Recent Action on Raising the Debt Limit
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Economic and Budget Outlook
Congressional Budget Office Estimates
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Long-Term Fiscal Challenges
Government Accountability Office Projections
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Foreword: The Deficit and the Debt
Meeting America's Fiscal Challenges
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The National Debt
How It Accumulates and Who Bears the Burden
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Bipartisan Task Force for Responsible Fiscal Action Act
Major Provisions of S. 2853
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Pro & Con
Should Congress Pass S. 2853, to Establish a Bipartisan Task Force for Responsible Fiscal Action?
