US national debt exceeded $ 16 trillion

US national debt exceeded $ 16 trillionPublic debt of the USA is amounted to US $ 16.02 trillion. This amount has become an absolute record in the history of the country. Currently, the US debt ceiling is at the level of $ 16.39 trillion.

Republicans and Democrats are trying to agree on the borrowing limit, while the country is sinking deeper into debt.

The USA has owed amount – more than $ 16 trillion, which was an absolute record in the history of the country, according to The Wall Street Journal, citing data from the US Treasury.

In February 2012 the USA national debt stood at $ 15.98 trillion. The budget deficit for the 2012 fiscal year, which comes to an end on September 30th, is projected at $ 1.1-1.2 trillion.

Now the USA government debt ceiling is at the level of $ 16.39 trillion. In 2011, Democrats and Republicans for a long time could not agree to increase the borrowing limit, which is why the country faces default.

Republicans who are support big business, wanted budget cuts. Democrats were in favor of higher taxes for wealthy Americans. The parties agreed in early August 2012. However, bond yields rose due to uncertainty in the markets. Budget US lost $ 1.3 billion.

One of the key in the election program of the Republican Party is the country’s point about reducing costs and reducing the national debt. Conservatives have criticized the expensive health care reform of Barack Obama. The Democrats, in turn, accused the Republicans that they would not allow them to raise the borrowing limit.