National Debt In The U.S. Growing By $1 Million A Minute

December 3, 2007 5:08 p.m. EST

Washington, D.C. (AHN) - The national debt is growing by more than $1 million a minute, according to the National Debt Clock, which bases it's figures on U.S. Department of the Treasury data.

On Friday, the "total public outstanding" debt, which tallies the accumulation of money used to bridge budget gaps, reached almost $9.15 trillion. With the current U.S. population toppling 303 million, that's $30,114.14 owed by every man, woman and child.

According to the Associated Press, the ongoing wars in Iraq and Aghanistan, which the Congressional Budget Office estimates will cost $2.4 trillion by 2017, and compounding interest rates are only exacerbating the problem, which could trigger a nationwide economic disaster in the very near future.

The national deficit stood at $5.7 trillion when President Bush took office in January 2001, and, at current rates, it could reach $10 trillion before his current term expires in January 2009.