Deficits and Debts

Before you start searching your mailbox for the next economic stimulus check, sobering reports today put the budget deficit at $1.2 trillion for the fiscal year.

This, of course, pales in comparison to the national debt, which is expected to increase by $2 trillion this year . That would put the national debt at about $12.7 trillion. The current debt stands at about $10.7 trillion, with 40% of that owned by government accounts. Interestingly, China owned $652.9 billion in treasury securities as of October 2008. That’s a $193.8 billion increase from that same month in 2007. You can see the remainder of the major foreign holders of debt here.

Make your checks payable to the Bureau of the Public Debt.

UPDATE: According to the New York Times today, China currently owns over $1 trillion in treasury securities, but they’re not really interested in more.

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