Government rings in the new year with $100 billion in new debt

While most Americans were ringing in the New Year with Champagne and Black Eyed Peas, the federal government was ringing it in by increasing the national debt by nearly $100 billion.  That’s right, the government added $98 billion to the national debt.  This increase in debt was largely driven by an increase in Social Security benefits.

This end-of-year debt surge follows on the heels of a $32 billion debt increase on the last day of November that increased the debt-to-nominal-GDP ratio to 103%.

For more details on this, read this and this from the indispensable Zero Hedge.

The skyrocketing debt is one more reason why Congress and the President must stop giving us phony cuts later and instead enact Real Cuts, Right Now.