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U.S. Debt Record

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U.S. Debt Record

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The U.S. government's total debt—the accumulation of past budget shortfalls—totaled more than $7 trillion for the first time last week. The debt ceiling currently stands at $7.384 trillion, and is expected to be reached sometime this summer or fall. The Treasury would need approval from Congress before exceeding that debt limit. The MSN article used the U.S. gross national product in 2003 of $11 trillion as comparison to show the significant size of the debt. Of course, during an election campaign, this issue is almost certain to receive extra attention. This is just a continuation of the national and individual problem of over-spending in America. At some point, the world economy will not be able to lend more money to the U.S.—and then what?

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