Federal Debt Surpasses $15 Trillion

By Newsroom America Staff at 17 Nov 2011

(Newsroom America) -- The federal government's total debt has surpassed $15 trillion, a figure that caps an unprecedented 10-year period of growth.

At close of normal business hours Tuesday, the official national debt figure stood at $15,033,607,255,920.32. That's an increase of $56 billion in just a single day, The Washington Times reported.

In all, the national debt has risen $4.407 trillion since President Obama took office; it was $5.7 trillion in 2001 when George W. Bush was elected.

"Today marks an infamous day in American history," said Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee and a frequent critic of government spending levels.

Republicans criticized the milestone as another indicator that federal spending was simply at an unsustainable level. Democrats, the Times said, were largely silent but on the broader issue of the weak economy they have said higher spending is needed in the short term, to help sustain growth.

Leaders from both parties and President Obama have proposed a range of deficit reduction plans but most of them have bogged down in Congress over partisan bickering.

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