U.S. Debt Bill Grows Larger Than Economy

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The U.S. government's debt is now larger than the entire economy.

Agence France Presse reported that after President Obama signed the new debt deal into law the Treasury Department quickly borrowed more money, taking the total public debt to more than $14.58 trillion.

That figure is higher than the total gross domestic product of $14.53 trillion at the end of last year.

Thirty years ago, the national debt was less than a third of the U.S. gross domestic product or GDP.

Both China and Russia are criticizing the U.S. for not coming up with a plan to slow down the rapid growth of its massive debt.

Nervous investors are keeping an eye on Wall Street Thursday. They are particularly worried about the recovery of the world's largest economy.

"With nerves frayed following this week's plunges it could well be another volatile session ahead," said Will Hedden, a sales trader at IG Index.

The key piece of economic news this week will likely be Friday's U.S. jobs report for July. Economists expect that 90,000 jobs were created last month and that the unemployment rate was unchanged at 9.2 percent.

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