Debt to Rise $5,240 Per Household by End of September

Monday, 11 Jul 2011 02:27 PM

By David A. Patten

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Just keeping the federal government operational between now and the end of September will cost $616 billion — a staggering debt increase of $5,240 per U.S. household, according to a new report from the Congressional Budget Office (CBO).

That means that, even if President Barack Obama and Republicans, were to agree to cut half a trillion in federal spending in the next 80 days, politicos would have to make another $116 billion in cuts to avoiding adding more red ink to the national ledgers.

The analysis of CBO and Treasury Department reports was conducted by CNSNews.com.

The CBO also said Obama’s February budget proposal would have added $1.2 trillion to the national debt in 2012. The CBO projects this year’s budget deficit will reach $1.4 trillion.

There was some good news for voters, however: The projected 2011 deficit is now $81 billion less than the agency had anticipated in January, according to the CBO.


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