National Debt exceeds GDP and there’s barely a blip about it. The House is set to vote today on obama’s request to raise the debt ceiling yet another $1.2 trillion dollars.
National Debt: $15,246,871,000,000 (Trillion!)
Gross Domestic Product: $15,124,464,000,000 (Trillion!)
The total of the U.S. debt load is now $15.2 trillion, more than the annual value in goods and services of the country’s economy.
Although the specific figure is difficult to pinpoint, the benchmark was likely reached at some point in the last few days, USA Today first reported Monday. In layman’s terms, it means the world’s largest economy now collectively owes more than its entire annual output is worth.
The House returns this week to a vote on a resolution to reject President Obama’s request to raise the national debt limit, now 15.24 trillion, by $1.2 trillion – the final element of a debt ceiling agreement that Congress approved on Aug. 1.
At first glance, Wednesday’s vote would seem to reopen the most toxic debate of this Congress, which took the nation to the brink of the first-ever default on the national debt last summer.
But, by design, Wednesday’s vote will be more theatrical than practical. Even if the House votes, as expected, to reject the president’s request, the measure still has to pass the Democrat-controlled Senate and avoid a presidential veto – both highly unlikely outcomes.
Posted: 01.18.12 @11:05 a.m.