However, with increases in yearly federal deficits come increases in the overall federal debt. The total federal debt resulting solely from spending on fiscal operations as a percentage of GDP has increased dramatically since 2002. In 2002, this debt as a percentage of GDP was 58.8 percent. By 2008, it rose to 69.7 percent. In 2009, it jumped to 85.2 percent. In 2010 and 2011, debt as a percentage of GDP was 94.2 percent and 98.7 percent, respectively. For 2012, federal debt was 104.8 percent of GDP.11 Consequently, the federal debt is now larger than the entire annual value of all the goods
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