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Debt: Feds borrowed an additional $10,855 for each U.S. household over the past year

By Catholic Online (NEWS CONSORTIUM)
October 2nd, 2012
Catholic Online (www.catholic.org)

According to the U.S. Treasury, the debt of the U.S. government reached a total of $1,275,901,078,828.74 in fiscal 2012, which ended this week. Essentially this means the federal government borrowed approximately an additional $10,855 for each household in the U.S. over the past year.

LOS ANGELES, CA (Catholic Online) - Most frighteningly, the total debt of the U.S. now equals approximately $136,690 per household.

The debt increased by about $10,454 per household in fiscal 2011, $401 less than the $10,855 per household increase of 2012.

The $1.2758 trillion that the debt increased in fiscal 2012 was about $47.18 billion more than the $1.2287 trillion that the debt increased in fiscal 2011. The federal fiscal year begins on October 1 and ends on Sept. 30.

The total debt of the U.S. government was $14,790,340,328,557.15, at the close of business on September 30, 2011, according to the Treasury. At the close of business on Sept. 28, the last business day of fiscal 2012, it was $16,066,241,407,385.89 - meaning the debt increased in fiscal 2012 by $1,275,901,078,828.74.

At the close of business on Sept. 30, 2010, the debt had stood at $13,561,623,030,891.79. Over the course of fiscal 2011, it increased by $1,228,717,297,665.36 before closing at 14,790,340,328,557.15 on Sept. 30, 2011.

The fiscal 2012 increase of $1,275,901,078,828.74 exceeded the fiscal 2011 increase $1,228,717,297,665.36 by $47,183,781,163.38

The Census Bureau estimates that there were 117,538,000 household in the United States in 2010. The $1,275,901,078,828.74 that the debt increased in fiscal 2012 equaled about $10,855 for each one of those 117,538,000 households.

Here is how much the debt has increased in each of the last six fiscal years:

Fiscal 2007: $500,679,473,047.25

Fiscal 2008: $1,017,071,524,650.01

Fiscal 2009: $1,885,104,106,599.26

Fiscal 2010: $1,651,794,027,380.04

Fiscal 2011: $1,228,717,297,665.36

Fiscal 2012: $1,275,901,078,828.74.

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