Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year

By Terence P. Jeffrey | July 23, 2012 | 3:27pm EDT

Treasury Secretary Tim Geithner, President Barack Obama and Federal Reserve Chairman Ben Bernanke (AP Photo)

(CNSNews.com) - By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.

Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011—the last day of fiscal 2011—the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44—an increase for this fiscal year of $1,066,026,885,767.29.

In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19—marking a total increase so far in fiscal 2012 of $1,084,025,128,703.25.

In fiscal 2007, according to the U.S. Treasury, the federal government’s debt increased $500,679,473,047.25. But that marked the last fiscal year in which the federal government's debt did not increase by at least $1 trillion.

In fiscal 2008, the debt increased $1,017,071,524,650.01. In fiscal 2009, it increased $1,885,104,106,599.26. In fiscal 2010, it increased $1,651,794,027,380.04. And in fiscal 2011, it increased $1,228,717,297,665.36.

So far this fiscal year (which is a leap year of 366 days), the Treasury has increased the net debt of the federal government at an average rate of $3,699,744,466.56 per day. If that average were to hold up for the 73 days that remained in the fiscal year after July 19, the debt would increase in fiscal 2012 by a total of $1,354,106,474,762.13—a greater increase than last year.

At the close of business on Sept. 30, 2007--which marked the beginning of fiscal 2008--the total debt of the federal government stood at $9,007,653,372,262.48. At the close of business on July 19, it stood at $15,874,365,457,260.40--an increase of $6,866,712,084,997.92 in less than five years.

CNSNews Reader,

The liberal media are terrified of the truth, especially when it leads to uncomfortable questions about their own leftist worldview.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism — not by misrepresenting or ignoring the facts.

CNSNews relies on the support of our loyal readers to keep providing the news and commentary that matter to the American people, not just stories that prop up the liberal agenda.

Make a donation today. Just $15 a month would make a tremendous impact and enable us to keeping shining the light where the liberal media are afraid to tread.

— The CNSNews Team

DONATE

Connect

Sign up for our CNSNews.com E-Brief to receive the latest news.