U.S. National Debt Rise Above $10 Trillion

The gross U.S. national debt rose above $10 trillion for the first time ever. A year earlier, it was $9.0 trillion, meaning that the annual increase has risen above a trillion dollar. With the economic downturn deepening (as I told you about yesterday and as has been further confirmed after that with the sharp drop in car sales and the continued increase in jobless claims), with the Treasury raising money for the Fed's liquidity schemes and the likely bailout, the debt will increase far faster than "merely" a trillion dollar per year.