The Housing Chronicles Blog: Welcome to the IOU States of America

Thursday, October 2, 2008

Welcome to the IOU States of America

Without any fanfare such as Presidents landing on aircraft carriers, the national debt just exceeded $10 trillion -- and that's before the costs for the financial bailout have been factored in (hat tip: Andrew Sullivan).

Here's the math:

From the Chicago Tribune's Washington Bureau site, "The Swamp:"

President Bush signed legislation in July that raised the debt ceiling to $10.615 trillion. Meanwhile, the financial bailout legislation passed by the Senate last night would raise the debt ceiling further to $11.315 trillion.

Here's something else worth knowing. The gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high:

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