US Debt to Hit $19.6 Trillion By 2015

Debt on course to exceed GDP for first time

By Rob Quinn,  Newser Staff

Posted Jun 9, 2010 4:05 AM CDT

(Newser) – America's national debt is now at a dizzying $13.6 trillion and will reach $19.6 trillion in 5 years, according to a Treasury Department report. By 2015 the debt will, for the first time, exceed the value of all goods and services produced in America in a year, reaching 102% of GDP, Reuters notes.

The debt—enough to buy a couple of Canadas or, if you'd prefer, a dozen or two Iraq wars—includes Social Security obligations as well as debt held by both domestic and foreign investors. Bill Gross, head of the world's biggest mutual fund, warns that a "debt super cycle" looms, and that the US won't be able to support the debt if real interest rates go up instead of down.

Some fund managers have started selling off US Treasury bonds, worrying that the US won't be able to support its national debt.   (AP Photo/Richard Drew)
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The president's economic experts say a 1% increase in GDP can create almost 1 million jobs, and that 1% is what experts think we are losing because of the debt's massive drag on our economy. - Rep. Dave Camp (R-Mich.)

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