| On September 30, 2009, the end of fiscal year 2009 | | | | multiple rounds of massive government spending in |
| for the federal government, the Obama Administration | | | | order to prevent job losses and limit bankruptcies. |
| announced that the national deficit was a record $1.42 | | | | Even still, the US debt did not appear in its entirety |
| trillion. What is even more astonishing is that this that | | | | under President Obama. Rather, the bulk of the current |
| this number represents a three-fold increase over the | | | | debt can be attributed to the spending practices of |
| previous year, which at the time was a record. | | | | President George W. Bush, who watched over |
| The national deficit and debt are not the same thing. | | | | America's Treasury while, according to national debt |
| The national deficit is what the US Government takes | | | | calculators, the debt rose from $5.73 trillion to $10.7 |
| in minus the money that it spends. Over time, the sum | | | | trillion, a difference of $4.97 trillion. |
| of the annual national deficits makes up the debt. Right | | | | Many speculate that the US debt will be a problem |
| now, national debt calculators estimate that the US | | | | that is handed over to the next generation of |
| debt is $11,900,000,000,000. This again is a record. In | | | | Americans. Additionally, some believe that the rapidly |
| fact, the US debt is so large that the famous Times | | | | rising debt will lead to volatility in the price of the U.S. |
| Square national debt calculator is scheduled to be | | | | dollar, as countries that hold U.S. Treasury bills, bonds |
| removed and replaced in order to accommodate a | | | | and notes might begin to doubt the United States' |
| number over $9,999,999,999,999 (right now, the | | | | ability to repay its debt and thus begin to sell their |
| owners of the clock have just made the dollar sign into | | | | Treasury assets. |
| a temporary extra digit). | | | | In the meantime, anyone looking at a national debt |
| Why do national debt calculators estimate that the US | | | | calculator like the one in Times Square should be |
| debt has been rising so quickly? Well, for one thing, the | | | | fearful; America, much like many of America's citizens, |
| past year brought with it a particularly tumultuous | | | | has a lot of work to do before it can call itself |
| economy for America and the world. This initiated | | | | debt-free. |