Terrence P. Jeffrey,CNSNews.com
In the first 19 months of the Obama administration,the federal debt held by the public increased by $2.5260 trillion,which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals,corporations,state or local governments,foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt,which includes I.O.U.s the federal government gives to itself when,for example,the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.