America's debt will top $15trillion this year, surpassing the size of the entire U.S. economy...

America's debt will top $15trillion this year, officially surpassing the size of the entire U.S. economy.

By the end of the fiscal year on September 30, America's debt is projected at being $15.476trillion, or 102.6 per cent of gross domestic product – the first time debt has exceeded GDP since World War II.

Choosing a Maryland school as the venue to unveil a budget designed to tackle the staggering figure, President Barack Obama admitted that percentage would continue to rise.

Estimates say the debt will reach 106 per cent of GDP by 2013 before being brought into check - but only if there is a significant boom in the economy. More...

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