Federal debt hits $19 trillion; new record set
The federal government is now officially $19 trillion in debt, according to the latest figures released by the Treasury Department Monday that show the Obama administration crossed that ignominious line late last week.
President Obama took office with the debt at $10.6 trillion, and has added more than $8 trillion during his seven years in the White House — a record pace that the Congressional Budget Office says is likely to continue.
As of Friday, the total federal government debt stood at $19.013 trillion. Of that, $13.7 trillion is debt held by the public, and the rest is internal government borrowing, including the IOUs the government has left in the Social Security trust fund over the last three decades.
Republicans in Congress say the ballooning debt is evidence of Mr. Obama’s profligate spending, while the White House says the debt is just a symptom of money Congress has already appropriated.