The Spectacle Blog

$13 Trillion: It’s Only Money!

By on 6.3.10 | 7:15AM

I have a collecting buddy who seems to buy the most items when he has the least cash.  Of course, that's what credit is for.  As he explains, "It's only money!"

That obviously is Uncle Sam's position.  Reports the Washington Times:

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.

Calculated down to the exact penny, the debt totaled $13,050,826,460,886.97 as of Tuesday, leaping nearly $60 billion since Friday, the previous day for which figures were released.

At $13 trillion, that figure has risen by $2.4 trillion in about 500 days since President Obama took office, or an average of $4.9 billion a day. That's almost three times the daily average of $1.7 billion under the previous administration, and led Republicans on Wednesday to place blame squarely at the feet of Mr. Obama and his fellow Democrats.

$13 trillion in debt?  The administration and Congress obviously share my friend's view:  It's only money!

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