Expert: US Debt Bomb to Now Explode Five Years Sooner

The Treasury Department’s projection that U.S. debt will reach $19.6 trillion by 2015 brings the ticking debt bomb five years closer to exploding than previously projected, says Delta Global Advisors’ Michael Pento.

He warns that time is running out to do something to avoid such an economic doomsday.

The Treasury also estimated that total U.S. debt will top $13.6 trillion this year and rise to 102 percent of GDP by 2015, and that publicly traded debt would reach $14 trillion by 2015, up from last year's debt of “just” $7.5 trillion.

“The problem is that growing GDP when debt levels are so high is extremely difficult,” Pento wrote in a note to investors. (more)