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Monday, July 23, 2012

Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year

It's official! Americans can proudly boast of American Exceptionalism now that we've accomplished 5 straight years of trillion dollar plus deficits. Most of that money went into the military industrial complex to fund the wars and empire.
By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.
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Judy Morris,
Blogger, THL
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