US debt to rise to $19.6 trillion by 2015
Worldwide, Daily news | ashkharh | June 9, 2010 12:57
The US debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress, Reuters reported.
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
The US debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.
The total US debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.
By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent.
Facebook
Tweet This
RSS Feed
Email This Post
Loading ...
