• Heritage Action
  • More

National Debt Hits Record $9 Trillion

Created on September 10, 2007

National Debt Hits Record $9 Trillion

That total - equal to $29,700 per American and $78,683 per household - is the amount as of Sept. 19 that the federal government has borrowed from the public as well as its own accounts such as the Social Security Trust Fund. If the government paid $1 billion a day toward the debt, it would take 25 years to pay off.

Paper: Increasing the National Debt Limit Should Spur Congress to Tackle Entitlements