Grim Milestone: National Debt Jumps More Than $1 Trillion For 5th Consecutive Year

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Before FY2008 the nation’s debt had never jumped more than $1 trillion in a single fiscal year.

Since 2008, it has happened every single year.

(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.

Total spending by the United States federal government has increased from roughly $2.9 trillion in 2008 to roughly $3.63 trillion, a 25% increase. That’s actually a smaller spending increase than took place under the last four years of the Bush administration, which increased at a 30% rate (from $2.292 trillion in 2004 to $2.982 in 2008), but whatever party is in charge, it’s clear the problem is spending.

But hey, let’s just tax the rich more or something.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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