Thursday, November 17, 2011

The Crumbling of the Super Power

US government's debt load topped the $15 trillion mark on Thursday (November 17), as leaders continued to debate over how to cut spending.

According to figures released by the US Treasury, the burden of federal borrowing on American taxpayers touched $15,033,607,255,920.32 on Wednesday, up $55.8 billion from Tuesday.

Economists said this was a very unhealthy state of US finances. The debt, they said, is approximately equal to 99 per cent of the size of the country's economy.

US debt has steadily climbed since August, when Congress agreed to raise the country's official debt ceiling from the then-$14.3 trillion to $15.194 trillion. FULL STORY

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