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U.S. debt is now equal to economy

The soaring national debt has reached a symbolic tipping point: It’s now as big as the entire U.S. economy, USA Today reports.

The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion.

That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.

Read full report at USA TODAY