January 3, 2011 5:57 PM

National Debt Tops $14 Trillion

By
Mark Knoller
Topics
Economy ,
White House

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.

Some Republicans in the new Congress have said they'll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

White House economic adviser Austan Goolsbee warned yesterday that it would be "catastrophic" if the U.S. Government were to default on its financial obligations.

"That would be the first default in history caused purely by insanity," said Goolsbee of plans to block an increase in the Debt Ceiling.

Debt Ceiling: The First Big "Showdown"?
CBS Evening News: $14 Trillion in Debt - Why You Should Care
More from Mark Knoller: Obama's 2010 By the Numbers

Watch Mark Knoller discuss President Obama's 2010 below:


Add a Comment See all 387 Comments
by clivecyprus January 17, 2011 7:16 AM EST
America will devalue the dollar - no other course of action now. YOu will wake up Easter 2011, and find the Goverment have issued the New Dollar worth 50cents of the old one. This also means that oil will be valued in the Chinese currency and it will also be the Reserve Currency. All could have been avoided if an Austerity Plan was put into place like other nations have had to do. Played right into China's hand I'm afraid. Batten down the hatches America it's going to get rough. God bless you all.
Reply to this comment
by Jmac5280 January 15, 2011 1:34 PM EST
on 09/30/2000 the national debt was at $5,674,178,209,886.86 (so much for the clinton surplus). Jan 2001 George W Bush over the presidency. On 09/30/2006 the national debt stood at $8,506,973,899,215.23. Repulicans lost the house and senate two months later. Democrats took over the congress (and the Purse strings of the country) In January 2007. On 09/30/2008 the national had risen to $10,024,724,896,912.49. Barack Obama took over as president in January 2009. On 09/30/2010 the national debt had risen to $13,561,623,030,891.79 and now as Democrats have just handed the purse strings over to a republican congress the national debt stands at $14.3 Trillion. SOURCE: http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm
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by Jmac5280 January 15, 2011 1:43 PM EST
Basically t National Debt (herein known a ND) that was handed to bush was $5.67 trillion. Between 2000 and 2006 (the year that democrats won back the congress) the ND had risen to $8.5 Trillion. From the time the democrats took over to the election of Obama the ND had risen to $10 trillion. In the last 2 years from 2008 to 2010 the ND rose to $13.5 trillion. As democrats are passing the gavel back to the republicans the ND currently stands at $14.3 trillion
by cassandrayp January 8, 2011 5:53 PM EST
When will we stop beating each other up and start solving problems? Respect and support our President and both parties, Democrats and Republicans. All this disrespectful name calling is not doing anything to help solve our problems. I do not believe that President Obama or the Republicans or Democrats are trying to hurt our country. They have different ideas on how to solve our major issues. They need to work together and get it done.
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by ohiosportsfan May 7, 2011 11:11 PM EDT
This comment hit the nail on the head.One comment I have a little problem with has to do with hurting our country.Maybe they are not intentionally meaning to hurt the country but by argueing with the other party just because they are in the other party,how is that helping anyone?Get to work on the issues.Get jobs created,and that includes making the people who can afford to pay more to help,pay more.The rich can afford the taxes putting back ineffect.Why are the oil companies getting 4 billion per yr in tax breaks?Why cant the two major parties get together so all can have real health coverage,most people dont care which party gets it done,JUST DO IT!
by cassandrayp January 8, 2011 5:31 PM EST
There is no need to use the language you are using. It shows your poor taste. I am proud of the last Congress for tackling major issues. Let's hope the new one uses good judgement and not take us backward. I would never take a personal shot at Bush even though I think he was a poor president. Moving forward, all of Congress should focus on jobs and stop the insane talk of repeal. This problem started long before President Obama. He did what had to be done to help climb out of this recession. Now look forward with a willingness to really work together and get problems solved.
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by h5mind January 7, 2011 9:54 AM EST
68% of the national debt is comprised of interest-- much of it paid to the privately owned Federal Reserve. In fact, of the nearly one trillion Americans paid as 'income tax' last year, 100% went to nothing else but such interest. No schools, roads, or hospitals-- not even national defense. Why does a country with its own printing presses borrow money at all? To exit this lunacy, we must end the Fed, period.
Reply to this comment
by felt910 January 8, 2011 10:48 PM EST
I agree with your insights, but if you think about it... we have been with the Fed for so long that it is now too late to get out. But the Fed does have some advantages such as enforcing consumer legislation, and controlling inflation, but overall I think it may hurt us in the long run.
by ashe13 January 5, 2011 7:37 PM EST
My only regret is that I was responsible and didn't buy a house and spend beyond my means. Would have been nice to be one of the many bailed out because they didn't care about financial responsiblity and spent way beyond their means. I truly resent my tax money paying for stupid people.
Reply to this comment
by fedup12 January 5, 2011 7:44 PM EST
Its not your tax money. It is your great great grandchildren s....
by karl5773 January 5, 2011 6:52 PM EST
Obama loves to spend our money and believes those of us who work and live responsibly should support those of us who don't - just what we needed a spendthrift socialist for a President! Obama is bad for business and doesn't really like Americans so his horrific results were too be expected but I hope he is a one term President! It'll take us years to recover from one term with Obama - I can't imagine how long it would take to recover from two years!
Reply to this comment
by fedup12 January 5, 2011 7:47 PM EST
So.... You remember the economy in 2000 with a budget surplus dont you?

And then how it was in 2008 when Obama took over after 8 years of republican rule.

Now tell me it was all democrats.
by chevyhotrod January 6, 2011 9:18 AM EST
fedup12,
Maybe you should study the graph in the article a little more closely, like the years listed on the bottom.

Were these years controlled by the Republicans?

Also, who controlled the House and Senate in 2000 with a budget surplus?

Presidents are not kings, they are but one branch (Executive) of our government.

With that being said, yes the Republican spent way to much, I would agree, but what has been going on since Jan. 2007, since the Democrats took control of congress is completely insane.

Funny how people like to rewrite history or have zero memory.
by batazoidz January 5, 2011 5:43 PM EST
Well, hell's bell..as long as its only Monopoly money, and there is no way to ever really pay it all back anyway; I say go for it. It ain't like it's going to mean that much in the long run and if it helps to keep our creditors from catching on to this fact for another year, more the better. Hey Joe! Crank up the press, again.
Reply to this comment
by fedup12 January 5, 2011 7:46 PM EST
China owns boardwalk with hotels. All we got are run down railroads and Baltzell motel.
by cassandrayp January 5, 2011 4:30 PM EST
We need to pay our debts. We should do a pay as you go system when spending money. President Obama requested this from Congress and it was defeated by Republicans on their just say no campaign. Since we were in a deep recession and trax revenue was not coming in as normal it does not surprise me that our debt increased. I have very little money but I know if projects are needed in my community like road improvement, healthcare, police and fire, teachers and it will benefit me or my family or the community now or in the long run, I will need to help pay for it. This is done by adding a surcharge, tax, fee. etc. I do not think we should go crazy and eliminate effective necessary programs. We should eliminate waste and non productive programs to help pull down the debt. It should not be programs that effect the elderly, the poor and children and make their lives worst. I t seems we should start at the top of the economic ladder and work our way down. Many Unions and big businesses are not bad when they are run correctly. If they are not effective they should be investigated.
Reply to this comment
by cindydream January 5, 2011 3:02 PM EST
I didn't get any of it, so don't expect me to pay any of it back....
Reply to this comment
by Brendology January 29, 2011 5:32 PM EST
Amen to that.
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