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CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII;
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Funny... no mention of what we owe China or Japan 1.3 Trillion each about.
More FUZZY Math......
CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII; 'No Way to Predict Whether or When' Fiscal Crisis Might Occur Here
To simply contain the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).
As of July 9, according to the Treasury, the debt held by the public was $13,102,609,587,775 and the intra governmental debt was $5,049,321,696,720. That equaled a total debt of $18,151,931,284,495.
[link to cnsnews.com]
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