It’s finally happened: The national debt topped $12 trillion yesterday.

How quickly is the Obama Administration racking up debt? We hit $11 trillion just eight months ago. We’ve added over a trillion dollars in eight months. And it’s still climbing.

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high…

But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion.

It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.

CBS does its best to spin for the Obama Administration:

The National Debt has increased about $1.6 trillion on Mr. Obama’s watch, though less than $4.9 trillion run up during the presidency of George W. Bush.

Minor detail: Bush racked up $4.9 trillion over a period of eight years. Obama racked up $1.6 trillion in about 9 months. That’s 32% of the entire Bush Administration debt in just the first nine months of the Obama Administration. And Obama’s still pushing for legislation that racks on trillions of more dollars.

But don’t worry. The Obama Administration promises to get fiscally responsible sometime next year. Maybe. If it doesn’t interfere with its plans to socialize the nation’s health-care industry, implement policies to stop “global warming”, and fund every liberal pet project that comes along.

Via Hot Air.