Heritage Foundation's Morning Bell put together a list of 10 stunning facts on the fiscal cliff, debt and spending:
- Four years of trillion-dollar-plus deficits. Fiscal year 2012 concluded with a $1.1 trillion deficit, marking the fourth year of trillion-dollar-plus deficits. Too much spending is the root cause of the federal government’s deep and sustained deficits. At 23 percent of gross domestic product (GDP) in 2012 and on track to rise further, federal spending is growing at a dangerous pace.
- National debt hit $16 trillion. On September 4, the U.S. national debt hit the $16 trillion mark. We owe more on the national debt than the entire U.S. economy produced in goods and services in all of 2012. Sixteen trillion dollar bills stacked one on top of the other would measure more than 1 million miles high, which would reach to the moon and back more than twice.
- The debt limit was raised by $1.2 trillion. On January 30, the federal government raised its debt limit from a staggering $15.194 trillion to an even bigger $16.394 trillion. This increase was the last one of three granted in the Budget Control Act of 2011, a result of that summer’s debt ceiling negotiations, which allowed for a total debt limit increase of $2.1 trillion.
More here at Heritage Foundation.