"On Thursday, October 20, 2005, America set another world record. We became the first country in history to accumulate a national debt exceeding $8 TRILLION dollars," said Rep. Michael E. Capuano, D, North Cambridge. "And it is growing."
"If you would like to see the history of our national debt, just click on the official website of the US Treasury Department at http://www.publicdebt.treas.gov/opd/opdpenny.htm.
Here are a few debt facts you might find interesting. Since George W. Bush took office, America has borrowed money at an average rate of $15,222 per second. Yes - that is every second of every day, including weekends and holidays," he said.
"That debt growth rate equals $913,328 per minute," he said. "It also equals $54,799,682 per hour, or $1,315,192,380 per day."
Capuano said, "In the time it take to simply read the debt amount aloud: 8 trillion, 9 billion, 635 million, 518 thousand, 716 dollars and 50 cents; we have borrowed a little over $120,000 more!"
"Of that total debt, the US owes China $248,000,000,000, yes - $248 Billion, OPEC $53.8 billion and the Caribbean Banking Center countries, the countries that provide secret bank accounts that our IRS cannot access, $103.4 billion," he said.
"That amount is as of August 2005, the most recent statistic available. If you want to see more about our debt owed to foreign governments, click on the official website of the US Treasury at http://www.treas.gov/tic/mfh.txt. All these debt holders are paid interest out of your tax dollars," the congressman said.
"During the Fiscal Year just ended, you paid $352,350,252,507.90 in interest. That equals $329,413.49 per minute, every minute of the year ... of interest only! You can view the official US Treasury website for interest payments at http://www.publicdebt.treas.gov/opd/opdint.htm," he said.