America's Trillion Dollar Hole
The American government is broke. For the fiscal year starting October 1 through June, the government's budget deficit topped one trillion dollars. Yes, that $1.1 trillion hole for the first nine months of the year is the first time a fiscal year's budget deficit broke the trillion mark. We have already doubled up on 2008's record deficit of $454.8 billion.
For the record, the Obama Administration expects this year's total deficit to hit $1.841 trillion dollars. The American public's total outstanding debt now stands around $11.5 trillion, according to the Treasury Department.
It's hard to imagine a figure with 12 zeros that can't even be handled by many hand-held calculators. So how much is one trillion US dollars?
- One trillion could buy out a million millionaires
- One trillion could fund the military budgets of every NATO country combined
- One trillion stacked dollars would reach nearly 60,000 miles, one-third of the way to the moon
- One trillion couldn't be spent even if you threw away a million dollars every day for 2,000 years
- One trillion might pay for the war in Iraq