US debt tops 16 trillion dollars

AOL Money Staff

The US Treasury Department said that the national debt has topped 16 trillion US dollars (£10.1 trillion), the result of chronic government deficits that have poured more than 50,000 US dollars' worth of red ink on to federal ledgers for every man, woman and child in the United States.

The news was greeted with a round of press releases from Barack Obama's Republican rivals, who used the grim-but-expected news to criticise the president for the government's fiscal performance over his three-and-a-half years in office.