National Debt breaks $7,000,000,000,000

by Caleb Reading

U.S. National Debt is now over $7 trillion ($23,976.15 for every American).

The last time that debt subject to the limit passed a trillion-dollar milestone was on June 28, 2002, according to Treasury records. That was after Congress agreed to hike the debt cap at the time from $5.950 trillion to $6.400 trillion.

So in less than two years we’ve managed to increase our national debt by one trillion dollars or over 15%.

Here’s a graph of what the debt’s been over the years (not inflation-adjusted):