The U.S. is in the red. About $19 trillion in the red, actually.
According to the U.S. Department of the Treasury, the national debt broke records Friday when the total climbed over $19 trillion. But it didn’t take too long to get there. The total rose by $1 trillion in about 13 months.
About $13.7 trillion of that debt is held by the public. Internal government borrowing makes up the rest at about $5.3 trillion.
The federal government is free to borrow as much as it wants as long as it doesn’t hit the debt ceiling. Late last year, the debt ceiling was suspended and borrowing spiked.
According to the Washington Examiner, the spike equaled about $339 billion in a single day.
As of now, the debt ceiling remains suspended and borrowing can continue without a limit until March 2017.
This video includes images from Getty Images.
