Wednesday, 05 Jan 2011 09:04 AM
By Forrest Jones
The U.S. national debt has surpassed $14 trillion for
the first time ever, the Treasury Department reports.
Just seven months ago, the country's national debt hit
$13 trillion and is presently on track to break the
$14.294 trillion debt ceiling signed into law by
President Barack Obama in February.
The figure has increased 60 percent alone while Nancy
Pelosi was Speaker of the House, according to Fox News.
Congress must give Obama the green light to spend beyond
the ceiling, and some lawmakers say they won't raise it,
which could force the administration to stop spending or
even default.
Specifically, some Republicans in the new Congress say
they want to block an increase in the debt ceiling
unless they see a plan to significantly reduce federal
spending and unfunded government liabilities on
entitlement programs such as Social Security and
Medicare.
White House officials say the ceiling must be lifted, as
more spending is needed to spur more robust economic
recovery.
"That would be the first default in history caused
purely by insanity," says White House economic adviser
Austan Goolsbee, according to CBS News.
Some Republicans appear willing to slash military and
other domestic security budgets in an effort to lower
the country's debt burden despite earlier calls to keep
such expenditures exempt from cuts.
"Everything is going to have to be on the table," says
incoming House Republican Leader Eric Cantor, according
to Reuters.
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