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Estimated Budget Totals for 2008-2010 Show Government Public Debt Rise 63 Percent
If passed, President Obama's spending and tax blueprint for 2010 will mean the U.S. government's debt will increase 63 percent in two years.The publicly held debt -- money that is owed by the government to foreign and domestic creditors -- was 40.8 percent of gross domestic product in 2008. That increased to 58.7 percent based on projections for the fiscal year that began on Oct. 1, and will rise again to 64.6 percent in 2010 under Obama's proposed budget. Gross domestic product is a dollar value of all the finished goods and services produced by the nation. The United States' GDP was $14.22 trillion in 2008, of which $5.8 trillion was debt held by the public. In 2009, GDP is projected to increase to $14.4 trillion but the publicly held debt will rise to $8.3 trillion. According to Obama's budget plan, the economy will reach $14.7 trillion. Public debt will rise to $9.5 trillion. 2009 Fed Budget (in Billions): Receipts 2,186 Outlays 3,938 Deficit 1,752 Posted by: ed 2009-02-27 |
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