Bankruptcy

Government Debt, Record Levels

By mcbride

?361 billion, for this quarter.  That is how much that the Treasury Department now says it needs to borrow.  It is a record amount.

?The administration is projecting the federal deficit for the entire budget year ending Sept. 30, will total a record $1.75 trillion. A deficit at that level would nearly quadruple the previous record of $454.8 billion set last year.  To cover the government’s heavy borrowing needs, Congress in February boosted the limit for the national debt to $12.1 trillion as part of the legislation that enacted President Barack Obama’s $787 billion economic stimulus program. The national debt now stands at $11.1 trillion.?

Here is a link to this news article: http://news.yahoo.com/s/ap/20090427/ap_on_bi_go_ec_fi/us_treasury_borrowing

Michael

Full post as published by Texas Lawyer Blog on April 28, 2009 (boomark / email).