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America’s debt jumps to $17 trillion after raising the debt ceiling

RabatAs soon as a deal was reached this week to raise the debt ceiling, the US federal debt climbed to $17,076 trillion up from $16,747 trillion on Wednesday, that is $329 billion had been added, according to the US Treasury Department.

The deal will allow the treasury to borrow as much money as it needs until February 7 when Congress has to consider once again raising the debt ceiling or delay it if a new deal has not yet been agreed upon.

Congress decision to raise the debt ceiling allowed the Government to avert a default, to re-open its doors and call more than 800,000 federal workers back to their jobs after 16 days of being furloughed.

America has been spending more than it takes in. To make up the difference, the Government borrows money by selling bonds to banks, investors and foreign Governments, mainly China and Japan. The sum total of consecutive months that the Government runs a deficit is what is called the federal debt.

$6,5 trillion has been added to the federal debt since Obama took office. In over four years the debt went up from $10,627 trillion to $17,076 trillion.

Democrats and Republicans have been playing the blame game all over the media, accusing each other of being responsible for America’s status quo.

Democrats accused the GOP of holding the Government hostage in order to defund the Affordable Care Act known as Obamacare, while Republicans blamed Democrats for America’s fiscal woes taking blame directly on president Obama who they say is responsible for the spiking federal debt.

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