It's Official: Federal Debt Tops $16 Trillion

By Terence P. Jeffrey | September 4, 2012 | 4:10 PM EDT

President Barack Obama shakes hands with Treasury Secretary Tim Geithner. (AP Photo)

( - At 4:00 p.m. on Tuesday, the U.S. Treasury reported that as of the close of business on Friday, Aug. 31, the U.S. debt had reached $16,015,769,788,215.80.

That marks the first time in the nation's history that the federal government's debt had exeeded $16 trillion.

As of the close of business on Thursday, Aug. 30, the U.S. government's debt had stood at $15,990,541,092,391.91.