At 4:00 p.m. on Tuesday, the U.S. Treasury reported that as of the close of business on Friday, Aug. 31, the U.S. debt had reached $16,015,769,788,215.80.
That marks the first time in the nation’s history that the federal government’s debt had exceeded $16 trillion.
The result of chronic government deficits have poured more than $50,000 worth of red ink onto federal ledgers for every man, woman and child in the United States.
Obama has presided over four straight years of trillion dollar-plus deficits.
President Obama, during his 2008 campaign, criticized President Bush for taking “out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents … so that we now have over $9 trillion of debt that we are going to have to pay back.”
But Obama has been unable to slow the rapidly mounting debt. The nation owed $10.6 trillion on Jan. 20, 2009, when he was sworn in, and has added another $5.4 trillion since – more than Bush piled up in two terms.