Terrence Jeffrey of CNSNews.com reports:
According to the most recent official estimate by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion–or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.
In other words, the debt is now approximately 103 percent of GDP.
The U.S.’ debt-to-income ratio is up from roughly 75% at the end of December 2008.
Meanwhile, President Obama doesn’t seem to be too aware of just how big the United States’ total public debt outstanding has become:
Might we suggest that the President pay more attention to the U.S. Treasury’s The Debt to the Penny and Who Holds It web site?...