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PolitFact checks Romney's debt claim

When Mitt Romney traveled around the country campaigning recently, he brought a debt clock with him showing the rising national debt.

The total is a mind-boggling, massive number. In St. Petersburg, Fla., on May 16, 2012, Romney explained what the debt and "unfunded liabilities" means for every household.

Romney said unfunded liabilities "means promises made by the federal government where there is no money behind it to pay it. … So it's the liabilities (that) add up to, think about this, $520,000 per household. …And this president hasn’t stopped it; he has added to it."

Wow -- every family owes more than a half-million? Forget about ever paying that off -- right?

PolitiFact checks to see if Romney, the presumed Republican nominee for president, was correct that the amount of debt plus unfunded liabilities equals about $520,000 per household.