(CNSNews.com) - The federal government accumulated approximately $1.1 trillion in new debt in the first 11 months of calendar year 2011, according to data released by the U.S. Treasury on Thursday.
At the close of business on Dec. 31, 2010, the federal government’s debt equaled $14,025,215,218,708.52. At the close of business on Nov. 30, 2011, it equaled $15,110,498,560,876.77.
The total increase in the debt for that 11-month period was $1,085,283,342,168.25--or approximately $1.1 trillion.
The federal debt has now increased by more than $1 trillion in each of the last four calendar years.
In calendar year 2008, it climbed from $9,229,172,659,218.31 to $10,699,804,864,612.13 for an increase of $1,470,632,205,393.82.
In calendar year 2009, it climbed from $10,699,804,864,612.13 to $12,311,349,677,512.03 for an increase of $1,611,544,812,899.90.
In calendar year 2010, it climbed from $12,311,349,677,512.03 to $14,025,215,218,708.52 for an increase of 1,713,865,541,196.49.
As noted, so far in calendar year 2011, it has increased $1,085,283,342,168.25.
Prior to 2008, the U.S. debt had never increased by a trillion dollars in any year.
During World War II, when the federal fiscal year ran from July 1 to June 30, the federal debt in fiscal year 1943 climbed from $72,422,445,116.22 to $136,696,090,329.90—an increase of $64,273,645,213.68.
According to the Bureau of Labor Statistics' inflation calculator, that $64.27 billion increase in the federal debt, in a year at the height of World War II, would equal $841.21 billion in 2011 dollars.
Although the fiscal 1943 debt was smaller in inflation-adjusted dollars than the debt has been in recent years, the annual budget deficit that year was larger as a share of GDP then that it has been in recent years. In 1943, according to the Office of Management and Budget, federal deficit spending was 30.3 percent of GDP. In fiscal 2011, it was 10.9 percent of GDP.