U.S. debt reaches 16 Trillion, eclipses GDP

 The U.S. government is officially $16 trillion in debt, a landmark number that has more than tripled during the last two presidencies. At 104 percent of the nation’s gross domestic product, the debt is now larger than the U.S. economy itself.

It is estamated that each day, the debt grows by roughly $3.5 billion, or about $2 million per minute.

Twelve years ago, before the election of George Bush, the debt stood at $5.6 trillion. In the months before President Obama took office, the debt was $9.6 trillion. During the last presidency, it has increased by $6.4 trillion – two-thirds of its 2008 amount. The current president has overseen the largest debt explosion in US history.

This year marks the fourth consecutive year with a $1 trillion budget shortfall.

To see the real time debt clock - click HERE.

According to the AP, The price of gold is at its highest level in nearly six months after a weak manufacturing report heightened expectations that the Fed will step in to help the economy.

Gold for December delivery rose $8.40 to finish Tuesday at $1,696 per ounce, the highest since mid-March.

Figures on government spending and debt  - Published September 4, 2012 by the Associated Press.