While most Americans were ringing in the New Year with Champagne and Black Eyed Peas, the federal government was ringing it in by increasing the national debt by nearly $100 billion. That's right, the government added $98 billion to the national debt. This increase in debt was largely driven by an increase in Social Security benefits.
This end-of-year debt surge follows on the heels of a $32 billion debt increase on the last day of November that increased the debt-to-nominal-GDP ratio to 103%.
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