Hooray! National Debt tops 100% of US GDP!
I knew you could do it, Barry. It was simply a matter of putting your mind to it and not listening to the naysayers who believed it couldn't be done.
I must admit, it is a singular achievement -- US national debt reaching 100% of our Gross Domestic Product. And the list of people who helped you in this extraordinary endeavor is long and full of distinguished politicians from both sides of the aisle.
But really, don't be modest. A lot of the credit goes directly to you and your, um, er, leadership in this matter.
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country's bloating deficit.
What do you do for an encore? Well, we can shoot for matching Greece, whose debt totals about 150% of GDP. That's well within your sights over the next decade.
Of course, all depends on getting you re-elected. Don't worry, Mr. President. One look at achievements like this and I'm sure the American people will have no trouble making the right choice for president in 2012.