Wednesday, October 01, 2008

National Debt Exceeds $10 Trillion

by Bill McBride on 10/01/2008 03:11:00 PM

As of Sept 30th, the debt was $10,024,724,896,912.49.

The surge in the National Debt over the last two weeks has been because of the Supplementary Financing Program (SFP) with the Treasury raising cash for the Fed's liquidity initiatives (announced a couple of weeks ago).

Even though this rapid increase in the debt is being driven by the Fed's liquidity initiatives (and should be paid back), crossing $10 trillion is still quite an achievement ...

Hat tip Buzz!

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