Report: U.S. Spends 60 Percent Of Debt-Ceiling Increase In One Day

By:  R. Cort Kirkwood
08/04/2011
       
Report: U.S. Spends 60 Percent Of Debt-Ceiling Increase In One Day

Hours after Congress voted to raise the debt ceiling, the national debt rose enough to consume 60 percent of $400 billion allowed. According to the Washington Times, spending shot up $239 billion on Tuesday, the largest one-day increase in American history.

Other debt news includes this heartening tidbit: Thanks to the big jump, the national debt may well exceed the gross domestic product.
 

Hours after Congress voted to raise the debt ceiling, the national debt rose enough to consume 60 percent of $400 billion allowed.

According to the Washington Times, spending shot up $239 billion on Tuesday, the largest one-day increase in American history.

Other debt news includes this heartening tidbit: Thanks to the big jump, the national debt may well exceed the gross domestic product.

What Happened

After Congress and President plunged the nation further into fiscal chaos by raising the debt ceiling, the government began a one-day spending binge.

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