國 (nation) 債 (debt)
Simplified, 国债
The National Debt topped $13-trillion for the first time in U.S. history - reflecting the surge in government spending that will push the Debt to increasing highs through the rest of the decade.
Posted on the Treasury Department website this afternoon, the National Debt hit $13,050,826,460,886.97 as of June 1st.
Tallied against the nation's Gross Domestic Product, the latest Debt number amounts to nearly 89.4 percent of the total economy.
Both Mr. Obama and Congress expect the Debt to continue to soar. On February 12, Mr. Obama quietly signed legislation that raised the Debt Limit to nearly $14.3 trillion.
It's likely that figure will have to be raised in less than a year.
To put $13 trillion in perspective: It would buy 16,270,337,922 top-of-the-line iPads, 34,210,526 Rolls Royce Phantoms, or 83 Googles at its current market cap.
- National Debt Tops $13 Trillion For First Time, Mark Knoller, CBS News
graph CBS
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