(CNSNews.com) - The administration of President Barack Obama has already increased the national debt in fiscal 2011--which ends this coming Friday--by an amount greater than the cost of the entire federal government in fiscal 1970, when Richard Nixon was president.
In 1970, according to the historical tables published by the White House Office of Management and Budget, total federal spending was $195.649 billion. That equals approximately $1.14236 trillion in 2011 dollars, according to the Bureau of Labor Statistics' inflation calculator.
As of the close of business on Sept. 22, according to the Bureau of the Public Debt, the total federal debt was $14.72679 trillion. That was an increase of $1.16517 trillion from Sept. 30, 2010, the last day of fiscal 2010.
The $1.16517 trillion in new debt the Obama administration has accumulated so far in this fiscal year is about $22.81 billion more than the $1.14236 trillion in inflation-adjusted dollars than the entire federal government spent in 1970.