National debt up $6 trillion since Obama took office
National Debt Clock hangs above the Internal Revenue Service entrance in New York City on February 20, 2013. / Anthony Behar / Sipa USA
Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office.
It's the largest increase to date under any U.S. president. During the eight-year presidency of George W. Bush, the debt soared by $4.9 trillion.
Without fanfare, the Bureau of Public Debt at the Treasury Department quietly posted its daily debt report showing the total public debt of the U.S. government topped $16.687 trillion. (To be exact: $16,687,289,180,215.37)
On January 20, 2009, the day Mr. Obama took office, the debt stood at $10.626 trillion. The latest posting reflects an increase of over $6 trillion.
The dubious fiscal milestone came on same day as Mr. Obama and congressional leaders met to discuss the $85 billion in automatic indiscriminate spending cuts that start to take effect today.
The president wanted a package of targeted spending cuts and elimination of tax breaks to avert the mandatory reductions in spending that he says will adversely effect people nationwide. No deal was reached.
"I told them these cuts will hurt our economy. They will cost us jobs," the president said of his meeting.
But the struggle to come up with just $85 billion in spending reductions or tax hikes is a big part of the reason why the national debt continues to expand.
Contributing to the National Debt, the federal deficit has topped $1 trillion four years running. Mr. Obama has routinely blamed his predecessor for policies that has sent the debt soaring on his watch.
"A debt that has grown over the last decade, primarily as a result of two wars, two massive tax cuts, and an unprecedented financial crisis, will have to be paid down," he said in a speech last year.
The White House says Mr. Obama is working with Congress to complete work on a $4 trillion reduction in deficits.
Nevertheless, the Office of Management and Budget projects the national debt will continue to increase by over $800 billion this year and by amounts in the range of $500 billion to $800 billion in the out years - all of which will add to the national debt.
Popular in Politics
- Obama prom pictures surface 106 Comments
- IRS official Lois Lerner placed on leave
- Rep. Jo Bonner to resign from House for university job
- Protester heckles Obama during counterterrorism speech Play Video
- Obama: America at a "crossroads" in fighting terrorism 106 Comments
- Is President Obama ending the war on terror?
- Obama announces steps toward Guantanamo closure
- Obama: The war on terror, "like all wars, must end" Play Video
LOL!
How refreshing for a change.
I imagine it's getting harder and harder to defend and cover for Obama after the Sequester.
The also are angry with him for initiating and letting it happen to the left's big socialist programs who are going to take the biggest hits.
And you support ignoring the 14th Amendment for gays.
And you support ignoring a woman's right to privacy with her own body.
You really don't see your own faults, do you?
--------------------------------
No wonder the Bishop threw you out the Church trying to give rights to homosexuals and pedophiles out in the open.
You broke your vows of silent sodomy to the church.
The 14 Amendment?
Ha! Ha!
Please!
The private sector drives jobs and growth!
------------------------------------------------------------------------
The private sector CAN NOT exist without a viable government in place unless you consider selling illegal drugs a viable business. If you believe that then go to Somalia and start a business.
The more research and reading you do, you will find out what a complete and utter disaster obama is-- I know you don't want to do that though-
Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office.
It's the largest increase to date under any U.S. president. During the eight-year presidency of George W. Bush, the debt soared by $4.9 trillion.
The dubious fiscal milestone came on same day as Mr. Obama and congressional leaders met to discuss the $85 billion in automatic indiscriminate spending cuts that start to take effect today.
I think this said it all who ran up the debt by 6 trillion in 4 years.
Give it up, Obama owns this and the sequester big time.
End of story
We as voters cannot continue to enable, support and reward republicans for their despicable unpatriotic behavior of purposely ruining the country so that they can win the white house and both house of congress. Us voters are the bystanders in this story and we cannot let them continue to their bullying ways to ruin America and the lives of Americans. Therefore, it is imperative voters reject republicans en mass to show them they work for us not corporations, big oil and the wealthy. Corporations, big oil and the wealthy might have more money but average struggling Americans have more votes. Now lets use them.