US Federal Debt will now be $16.7 trillion
Speaker John Boehner (R.-Ohio) and Senate Minority Leader Mitch McConnell (R.-Ky.) have reportedly agreed to give President Barack Obama the authority to borrow as much as an additional $2.4 trillion—thus allowing Obama to get past the November 2012 election without having to seek another increase in the legal limit on the federal debt.
The New York Times reported that the money to increase the debt limit would come in an initial installment of $900 billion, followed by a second installment of $1.2 to $1.5 trillion. (The first $900 billion would include an immediate $400 billion to allow the government to pay its immediate bills.)
When Obama was inaugurated on Jan. 20, 2009, the federal debt was $10,626,877,048,913.
Last week, it was $14,342,865,885,306.
With a $2.4 trillion increase it would hit more than $16.7 trillion—an increase of more than $6 trillion –or more than 50 percent– from the time of Obama’s inauguration.