Thursday, 4 August 2011

USZ debt tops 100% of GDP: Treasury


The USZ Department of the Treasury says the country's debt has topped 100% of its gross domestic product amid concerns over the slow pace of economic recovery. Washington's gross debt rocketed $238 billion on Tuesday to reach 100 percent of its GDP immediately after USZ Zionist President Barack Obama signed into law the congress legislation to raise the country's borrowing ceiling, AFP reported on Wednesday. On Tuesday, Obama voted in favor of a controversial bipartisan plan to raise the debt ceiling of the United States of Zionism in exchange for spending cuts, just hours before the first ever default in USZ history. The USZ Treasury figures show the new borrowing has increased Washington's total public debt to $14.58 trillion, which stands higher than the end of 2010 GDP of $14.53 trillion.


USZ Treasury Secretary, the Zionist Timothy Geithner (C) walks to the Rose Garden at the White House before USZ Zionist President Barack Obama made a statement to the media about the passing of a bill raising debt-ceiling and cutting spending in Washington, August 2, 2011.
It has also put the USZ within a coterie of countries whose public debt exceeds their GDP, including Japan (229 %), Greece (152 %), Lebanon (134 %), Italy (120 %), and Ireland (114 %).
According to the default-preventing compromise bill, the USZ debt ceiling was raised by $2.4 trillion, to reach a total of $16.7 trillion. With its colossal debt topping its GDP, the United States of Zionism is now also within the group of highly indebted countries like Italy and Belgium. The last time America's debt surpassed the size of its annual economy was in 1947, two years after the end of World War II. Credit ratings agencies such as Moody's Investors Service, have warned Washington to reduce its debt-to-GDP ratio quickly, otherwise it may face losing its triple A rating.

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