(CNSNews.com) – So far in fiscal 2012–which began on Oct. 1–the federal government has borrowed more than $700 billion, according to the official debt numbers posted by the U.S. Treasury.
That means that since Oct. 1, the debt has been increasing at a pace of approximately $40 per day per each full-time worker in the United States.
The federal debt is growing at a faster clip this fiscal year than it did in either of the two previous fiscal years that began during the presidential term of Barack Obama. At the beginning of those two fiscal years, however, Obama was working with a Democratic-majority Congress.
This fiscal year is the first one during Obama’s term to start after the Republicans gained control of the House of Representatives in the 2010 elections.
Thus, with a Democratic president in the White House and a Republican speaker in the House federal borrowing has accelerated rather than decelerated.
Read More at CNS News By Terence P. Jeffrey, CNS News
- Obama Added More To National Debt In First 19 Months Than All Presidents From Washington Through Reagan Combined, Says Gov’t Data In the first 19 months of the Obama administration, the…
- Big Spenders Will Win The Debt-Ceiling Dance by Dr. Mark W. Hendrickson Once again it’s time to…