National debt hits $16 trillion right as DNC kicks off9/4/2012
This has to put a damper on the party in Charlotte: The Treasury Department announced that the national debt officially topped the $16 trillion mark on Tuesday, right as the Democratic party was getting its convention started in North Carolina. This isn't a surprise, though; economists had been predicting the increase. While China is often seen as holding large amounts of U.S. debt, the country actually only holds $1.16 trillion. Approximately $5 trillion is owed to pension systems like Social Security, with another $11 trillion owed to foreign and domestic investors. The debt ballooned under George W. Bush, but has risen $5.4 trillion since President Obama took office. [Source]
How do you think the country can pay back its debt?