Another year, another trillion dollars of debt

Despite it being only the end of the 3rd fiscal quarter, the federal government has already accumulated $1 trillion more in debt. That makes 2012 the 5th straight year of adding at least a trillion dollar to our national debt. CNS: By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury. Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year. The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011-the last day of fiscal 2011-the ...(Read Full Post)