US debt rises to $14 trillion

Wed, 09 Jun 2010 01:10:17 GMT

US Treasury building in Washington
The US debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, the country's Treasury Department announced. (click to read more)
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product (GDP) will rise to 102 percent by 2015 from the current 93 percent, Reuters reported.

The US debt has grown rapidly due to the economic downturn and the government's bailout for Wall Street. The wars in Afghanistan and Iraq and the economic stimulus have also badly hit Washington's finances.

The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

Total US debt includes obligations to the Social Security retirement program and other government trust funds.

The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.

By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent, the Treasury report said.