The federal debt will jump back over the half-trillion mark this Sunday evening, according to the Canadian Taxpayers Federation.

The last time the federal government's debt was that high was in October 2003. It first hit $500 billion in August 1994 and reached an all-time high of $540 billion in 2000 before it began declining.

The watchdog group says the federal debt will make the jump back over the mark at 10:56:53 p.m. ET on Sunday. The federation tracks the debt on a Web clock.

The federal debt, which does not include municipal or provincial debt, works out to $14,880.39 for every person in the country, says Kevin Gaudet, the group's director.

With the recession and the Conservative government's massive stimulus spending, federal debt is rising at a pace of $1,772.58 a second, he adds.

"The problem with stimulus spending is multiple: we're seeing massive deficits that future taxpayers have to pay off and there is also a concern now there might be inflationary pressure," Gaudet told CTV News Channel. "It would be better for the government to turn off the spending taps."

"We've heard enough of stimulus plans and we need now to have some deficit reduction plans," he said at a news conference Wednesday.

"Canadians need a deficit action plan and we need it now."

He said the current debt weighs heavy on the shoulders of future generations of Canadians.

"The mountainous federal debt problem amounts to fiscal child abuse, as both current and future generations will be required to pay it off."

With files from The Canadian Press