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« The Next Generation Speaks: It's NOT My Debt!!! (Video Collage) | Main | Video: Alex Jones Arrested & Kidnapped For Asking George W. Bush A Question About The Federal Reserve »
Monday
Oct052009

U.S. Begins 2010 Fiscal Year $11,776,112,848,656.17 In Debt

And it's gone up approximately $25 billion in the first 5 days of this month, since the nation's fiscal year (2010) began officially on October 1.

From CBS:

By the time the final numbers are in for the fiscal year just ended, the federal deficit will have hit an all-time high in the range of $1.580-trillion. That's 11.2 percent of the total economy (GDP). The previous year's deficit was – by today's standards – nearly inconsequential at $459-billion. That was only 3.2 percent of GDP.

Over the course of FY'09, the National Debt soared as well from $10.124-trillion on October 1, 2008 to $11,776,112,848,656.17 as of Tuesday, the latest figure from the Bureau of Public Debt. That's an increase of $1.652-trillion – the single largest increase ever in a fiscal year.

The projections for the new fiscal year offer only slight hope of improvements. The mid-session review released by the Office of Management and Budget at the end of August forecasts a deficit for FY'10 just over $1.5-tillion, amounting to 10.4 percent of the total economy. And the aptly-named Gross National Debt is projected to skyrocket in excess of $14-trillion.

The only break taxpayers get is that interest paid on the National Debt is not as much as it otherwise might be because interest rates are so low. Net interest paid on the Debt will amount this year to just under $200-billion. That's about 1.4 percent - a bargain considering the massive amount of the principal.

***************************

DB here.  When interest rates finally begin their inevitable climb, the decision highlighted at the bottom, to borrow massively short-term, will be neither smart nor painless.  Julian Robertson issued the warning just last week.

See also:

Paul Krugman: Huckster, Liar & Debt Apologist

National Debt Archive (over 20 stories we've written on the debt & deficit)

Obama Raises 10-Year Deficit Forecast To $9 Trillion ($2 T Upward Revision)

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Reader Comments (14)

Oct 5, 2009 at 8:43 PM | Registered CommenterDailyBail
Oct 5, 2009 at 8:45 PM | Registered CommenterDailyBail
UK plans to scrap annual bonuses for bankers
http://www.businessweek.com/ap/financialnews/D9B0DEKG0.htm


National Debt Is Growing Like Green Shoots Fertilized By Pit Bulls With Intestinal Issues ( Debt Milestone: $11.5 Trillion Yesterday)
http://dailybail.com/home/national-debt-is-growing-like-green-shoots-fertilized-by-pit.html
Oct 5, 2009 at 8:53 PM | Registered CommenterDailyBail
After they have intentionally collapsed the Federal Reserve Note, I wonder how many BTU's our imaginary paper debt would be.

A lot more master inflicted hardship, and they will propose their "solution".

They must prepare the herds first.
Oct 5, 2009 at 10:12 PM | Unregistered CommenterS. Gompers
A lot of that debt is for cool killing machines and big bombs, let's put them to good use in Afghanistan and Iran.
Oct 5, 2009 at 11:38 PM | Unregistered Commentergobias
Did your mother love you gobias?
Oct 5, 2009 at 11:59 PM | Registered CommenterDailyBail
I am just against compulsive hoarding, I hate the clutter. It is very distressing.
Oct 6, 2009 at 12:14 AM | Unregistered Commentergobias
Yes, clutter can be distressing...i say we ship all the bombs to the moon and have some fireworks...
Oct 6, 2009 at 12:21 AM | Registered CommenterDailyBail
"Yes, clutter can be distressing...i say we ship all the bombs to the moon and have some fireworks... "

While we're getting rid of clutter, can't we send Paul Krugman to the moon, too? He could run the moon colony.
Oct 6, 2009 at 12:39 AM | Unregistered CommenterJames H
If we are sending Krugman, we should also send Katie Couric to drive him crazy.
Oct 6, 2009 at 12:59 AM | Unregistered Commentergobias
If they managed to reproduce on the moon it would create a race of super terrorist that we would have to address in the future
Oct 6, 2009 at 7:35 AM | Unregistered CommenterS. Gompers
Let's just get this thing over with. I can't stand the suspense.
Oct 6, 2009 at 10:02 PM | Unregistered CommenterSonic Ninja Kitty

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