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U.S. debt is bigger than its ENTIRE Economy as Obama vows to make $1.1trillion in cuts – and Republicans say it’s STILL not enough

Posted on: February 15, 2011

  • National debt will be 102% of gross domestic product by end of fiscal year, the first time since the Second World War
  • Community grants and funds to help poor heat their homes will be targeted in $1.1trillion cuts
  • But more money will be put into defence, with $118billion for Iraq and Afghanistan

America’s debt will top $15trillion this year, officially surpassing the size of the entire U.S. economy.

By the end of the fiscal year on September 30, America’s debt is projected at being $15.476trillion, or 102.6 per cent of gross domestic product – the first time debt has exceeded GDP since World War II.

Choosing a Maryland school as the venue to unveil a budget designed to tackle the staggering figure, President Barack Obama admitted that percentage would continue to rise.

Estimates say the debt will reach 106 per cent of GDP by 2013 before being brought into check – but only if there is a significant boom in the economy.

America’s debt will top $15trillion this year, officially surpassing the size of the entire U.S. economy.

By the end of the fiscal year on September 30, America’s debt is projected at being $15.476trillion, or 102.6 per cent of gross domestic product – the first time debt has exceeded GDP since World War II.

Choosing a Maryland school as the venue to unveil a budget designed to tackle the staggering figure, President Barack Obama admitted that percentage would continue to rise.

Estimates say the debt will reach 106 per cent of GDP by 2013 before being brought into check – but only if there is a significant boom in the economy.

The president’s budget announcement today is bad news for the poor and middle classes, with student loans and grants for heating and community organisations targeted for cuts.

Hundreds of federal programmes face the axe or drastic cuts as part of measures designed to reduce the deficit by $1.1trillion over the next ten years.

But getting the budget through Congress and the Senate could be Mr Obama’s toughest challenge yet – as Republicans insist he needs to cut more spending.

The total budget for the year is $3.5trillion after the $100billion of spending cuts introduced by Mr Obama, but the deficit is expected to hit a record $1.6trillion.

The increase in the deficit – up from $1.29trillion in 2010 – comes after Mr Obama pushed through as massive package of tax cuts and spending on unemployment benefits at the end of last year.

Measures to cut spending include introducing interest on graduate loans while students are still in school, cutting community service grants and reducing funding for energy-assistance programmes that help the poor heat their homes.

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