Taiwan's national debt was NT$4.29 trillion (US$134 billion) as of the end of 2009, an amount that would take 62 years to pay back, even without the addition of new debts, the National Audit Office (NAO) said Wednesday. In its report on the Central Government's revenue and expenditure for 2009, the NAO said that the national debt had increased by NT$1.41 trillion in eight years -- from NT$2.64 trillion in 2001 to NT$4.05 trillion in 2009. If the NT$240 billion short-term debt is included, the figure becomes NT$4.296 trillion, the NAO said. The national debt spiked because of declining government revenue as a result of various tax cuts and the financial crisis, as well a shortfall in the government budget for debt servicing, the NAO said. The NAO urged government agencies to seriously consider tax cuts or reduced spending to prevent further spiralling of the national debt. 