US borrowing tops 100% of GDP: Treasury

[I AM NOT THAT GUY 5,715]

US gross debt shot up $238 billion to reach 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed.

On Tuesday, the Treasury had to add more than $200 billion of commitments immediately after President Barack Obama signed into law an increase in the debt ceiling.

With the latest borrowing, the United States joined a small group of countries whose public debt exceeds GDP, including Japan (229 percent), Greece (152 percent), Jamaica (137 percent), Lebanon (134 percent), Italy (120 percent), Ireland (114 percent) and Iceland (103 percent), according to figures provided by the International Monetary Fund.

The last time US debt exceeded its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.

Moody's said Tuesday that the government needed to stabilize the ratio at 73 percent by 2015 "to ensure that the long-run fiscal trajectory remains compatible with a AAA rating."

http://www.breitbart.com/article.php?id=CNG.09344e04a4343e6da8865fa6aed02fa6.31&show_article=1

[I AM NOT THAT GUY 5,715]

[mawilson 2,133]

We still have a long way to go to reach Japan's or Italy's levels (over 200 percent of GDP).

And by "long way", I mean 10 years. Maybe 5 years if Obama tries real hard - Stimulus 2.0 and whatnot.