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Monday, August 27, 2012

U.S. Debt Approaching The $16 Trillion Mark: National Debt Clock At Republican Convention

By Susan Duclos

The whole piece is over at CNS News, but the relevant quotes, and a message which should be hammered home by Republicans during their Tampa convention this week, are below:

At the close of business on Thursday, Aug. 23, according to the U.S. Treasury, the federal government’s debt stood at $15,976,519,029,144.14. That left it $23,480,970,855.86 short of the $16 trillion mark.

So far in this fiscal year (from Oct. 1 through Aug. 23), the debt has grown by an average of $3,616,398,477.40 per calendar day ($1,186,178,700,586.99 divided by 328 days). Were the debt to grow at that pace in the week following last Thursday’s close of $15.976 trillion, it would hit $16 trillion this Thursday--the day Mitt Romney is scheduled to give his speech accepting the Republican presidential nomination.


Since Obama took office on Jan. 20, 2009, the debt has increased $5,349,641,980,231.06. That is as much as the entire debt accumulated by the United States from the founding of the country in 1776 until Feb. 28, 1997, when President Bill Clinton was in his second term.

Thus, under Obama, the debt has increased more than under all presidents from George Washington through George H.W. Bush combined.

During President George W. Bush’s two terms in office, the debt increased $4,899,100,310,608.44. That is also more than all the debt accumulated by all previous presidents from George Washington through George H.W. Bush combined.

Nonetheless, the $5,349,641,980,231.06 in new debt accumulated in less than four years under Obama is more than the $4,899,100,310,608.44 in new debt accumulated in eight full years under George W. Bush.

Republicans are unveiling a National Debt Clock which will hang above the delegates to the Republican convention, is designed to be "a compelling visual reinforcing the desperate need for new fiscal leadership in the White House," says the Republican National Committee.

Party chairman chairman Reince Priebus will formally activate the clock -- starting at a figure above $15.9 trillion -- when he convenes the proceedings at 2 p.m. today.

"This clock reminds every delegate and every American why we are here in Tampa - because America can and must do better," Priebus said. "Every American's share of the national debt has increased by approximately $16,000 during the current administration."

(Source- WFMY News)

Debt clock photo changed after publishing