U.S. Debt Could Reach $19.6 Trillion by 2015

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A new report says the U.S. government could soon face a total debt of nearly $20 trillion.

The Treasury Department estimates that U.S. debt will hit $13.6 trillion by end of this year. They say that number will soar to $19.6 trillion by 2015.

"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," Republican Representative Dave Camp told Reuters, who publicized the report.

The debt is growing more rapidly because of the economic downturn and government spending on bailouts, two wars, and the economic stimulus package.

The amount of debt held by investors, which include China and other countries, will rise to about $9.1 trillion this year from $7.5 trillion last year.

The out of control spending is fueling voter anger ahead of this Fall's congressional elections.

*Originally broadcast June 9, 2010.

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