Total U.S. debt will rise from $13.6 trillion this year to the astounding level of $19.6 trillion by 2015, which is four years earlier than previously estimated, according to a U.S. Treasury Department report released last week. The Treasury expects that figure to represent 102% of 2015 gross domestic product. Most astonishingly, the report projects that publicly traded debt, which excludes intra-governmental obligations, will rise to $14 trillion by 2015, up from last year’s figure of “just” $7.5 trillion.
The official government report was promulgated with the enthusiasm and fanfare of a grade-school child announcing to his parents he has received his first “F” on his report card.
Full story: U.S. Debt Bomb’s Detonation Sped Up By Five Years – Forbes.com