US debt to rise to $19.6 trillion by 2015

08:42, June 09, 2010      

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U.S. debt will top $13.6 trillion this year and is estimated to climb to $19.6 trillion by 2015, according to a Treasury Department report to Congress.

The report that was sent to lawmakers said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent in 2010.

"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.

He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.

The U.S. debt has grown rapidly with the economic downturn and government for the Wall Street bailout, the two wars in Afghanistan and Iraq and the economic stimulus.

The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

Source: Agencies

(Editor:赵晨雁)

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