The volume of the U.S. national debt will soon surpass $16 trillion. With this volume, the annual amount of interest payments on debt securities for America will total more than $225 billion.
From 2004 to 2008, the U.S. national debt has grown by $2.6 trillion and in the early fall of 2008 exceeded $10 trillion. Over the last 4 years the scope of liability increased by $6 trillion. According to some estimates, while keeping the current growth rate of borrowing over the next four years, the U.S. national debt will grow by at least $6 trillion, and by 2016 will exceed $22.3 trillion.
This topic is being discussed actively in the presidential race is entering its final stage in the U.S.A. The republicans are blaming Barack Obama for the deterioration in the debt situation. Every American’s share of the national debt has increased by approximately $16,000 during the Obama administration. According to Republicans, it is him who is responsible for an increase in expenses.
The U.S. budget deficit situation every year becomes more and more difficult, but not all are inclined to account this trend for political factors only. “In my opinion, the main cause of the problem deterioration in recent years in not those who in power - republicans or democrats, but the collapse of the economy. During the recession, the state charge increases automatically, so the government has to spend more money for programs such as health insurance or payments for unemployment benefits. In addition, with the increase of unemployed the amount of tax revenue is reduced,” said Robert Bixby, executive director of the Concord Coalition.