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: