For some perspective, They were reporting this number to be only 5 Trillion just last week. Our national debt was roughly 10 trillion about a couple months ago. That 7.5 trillion is equal to half of everything we produced last year. With this amount, we will have increased our national debt by roughly 75% in just months, compared to the entire formerly $10 trillion of debt that took this nation over a hundred years (or since the founding of the nation I'd guess) to amass.Nov. 24 (Bloomberg) -- The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.
The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Departmentĺs $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. .............
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