Terence Jeffrey reports at CNSNews.com that according to the U.S. Treasury Department, federal debt is rising at near record rates and if continued, Fiscal Year 2011 could produce a $1.708 trillion deficit, marking it second only to Fiscal Year 2009’s $1.89 trillion.

The federal debt increased by $105.8 billion ($105,835,837,302.32) in January, according to the the U.S. Treasury Department, jumping from $14.0252 trillion ($14,025,215,218,708.52) at the close of business on December 31 to $14.1311 trillion ($14,131,051,056,010.84) at the close of business on January 31.

That means that in the first four months of fiscal 2011—which began on Oct. 1, 2010—the federal debt has increased by $569.4 billion ($569,428,025,119.05), keeping fiscal 2011 on track to be the second ranking year in U.S. history for an increase in the federal debt.

The federal debt increased by $1.89 trillion in fiscal 2009, making that the top ranking year in the history of the United States for increased federal debt. In that fiscal year, Congress passed two extraordinary spending bills—the $700-billion Troubled Asset Relief Program legislation that President George W. Bush signed in October 2008, and the $787-billion stimulus legislation that President Barack Obama signed in February 2009.

As of now, fiscal 2010 is the second-ranking year in U.S. history for accumulating new federal debt. In that fiscal year, the federal debt increased by $1.65 trillion.

However, the federal government’s accumulation of new debt in fiscal 2011 is currently on a pace to outstrip the new debt accumulated in fiscal 2010. If the government continues accumulating debt in the final two thirds of the year as quickly as it did in the first third (October through January), then the total new debt accumulated for fiscal 2011 would reach $1.708 trillion. . . .

For the full article, please click here.