October 18, 2010 3:46 PM

National Debt Up $3 Trillion on Obama's Watch

By
Mark Knoller
Topics
Economy
(Credit: CBS/iStockPhoto)

New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.

Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.

"By the time I got into office we already had a $1.3 trillion deficit and we had exploded the national debt," he said last month during one of his backyard chats with Americans.

Just last Friday, the Treasury Department portrayed it as good news when it reported that the federal deficit in the fiscal year that ended September 30th was $1.294 trillion. That's less than the $1.416 trillion deficit accrued in 2009 - the largest federal deficit ever recorded. It was also less than the $1.556 trillion that had been initially projected for 2010.

The soaring deficit and Debt is one of the reasons Mr. Obama is adamantly opposed to extending tax cuts for Americans earning over $250,000 a year.

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The ten year cost would total $700-billion and Mr. Obama says it would needlessly add to the deficit and Debt.

"And then we've got to pay interest to China or whoever else is willing to buy our debt," he repeatedly argued in recent weeks.

President Obama and Congress await recommendations on ways to reduce federal deficits from the National Commission on Fiscal Responsibility and Reform.

The 18-member panel will report December 1st - after the midterm election.

The Commission, chaired by Democrat Erskine Bowles and Republican Alan Simpson, was established by Mr. Obama to provide recommendations on how to "put the budget into primary balance, meaning that the federal government will pay for all of its programmatic obligations."

The federal budget was last in balance from 1998 to 2001.

Mark Knoller is a CBS News White House correspondent. You can read more of his posts in Hotsheet here. You can also follow him on Twitter here: http://twitter.com/markknoller.


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Add a Comment See all 157 Comments
by Xeno2u July 14, 2011 11:14 AM EDT
We got here how! The rich aren't paying enough! The poor recieve too much! OR is it that Government can't manage within its means. I think the latter. Is it illegal for the U.S. Government to mandate I pay for a healthcare program, or contribute to a fund that guarantees a return at a particular age, to give that money to entities that have not paid into this fund, to allow access by government officials at their whim when a calculated surplus is suspected...None of these do I hold no control over????? Where is the personal responsibility and accountability in this country? I do not wish the Governement to choose my invetment portfolio, to dictate my healthcare program. The Government should politely move out of these programs in favor of fostering a more self reliant citizen/populous. This country is on the road to collapse just as our foreign neighbors; Greece, Italy, Portugal, etc... America is being crippled, its Christian foundation is being eroded right in front of our eyes and we haven't the courage to stop it. I am embarrassed by our political correctness. We have donated trillions of dollars to entities that wish us harm, to organizations that provide no added value to our way of life, in fact it most often to the contrary. We have sidled up to this wild beast, made friends and patted it on the back. All the while hoping it is friendly and can be turned to seeing things in our light and likeness. Laughable!!!
Reply to this comment
by anybodylistening October 28, 2010 11:01 PM EDT
The reason for our budget deficit!! We have almost 800 military bases in more than 130 countries not counting Iraq and Afghanistan. We have more than 5000 military bases in the US. This does not include the presidents covert and unconstitutional CIA army and its bases. So called defense funds are hidden in the budgets of the Energy Department, Homeland Security, and other federal agencies also. Why do you think that the Federal government has huge deficits while our infrastructure is crumbling. and the government is not able to fulfill its basic functions at home. We spend 10 times more on so called defense than China and Russia combined. This is way beyond what is needed for legitimate defense. The only way you could describe the US military is as an imperial army.

US manufacturing has become uncompetitive because all this capital has been siphoned away from research and keeping our infrastructure current

No amount of Democrat bashing and Republican bashing is going to fix this. The problems go much deeper.

Think about it.

Read more: http://www.cbsnews.com/8601-500395_162-6999350.html?assetTypeId=30&tag=contentBody;commentsStandAlone#ixzz13iGr8rfm
Reply to this comment
by Luke-John October 20, 2010 5:03 PM EDT
A4L - 1200 Trillion??? Get your facts right before posting so you don't end up looking stupid.

Bottom line is that yes Bush did wrong by not standing up to the Democrats (who controlled things since 2006) but Obama has doubled in 20 months what Bush took 8 years to do.

Another way to look at it: In his short time in office, Obama and his administration have increased the national debt by more than every other president in US history COMBINED!

That means that you, your spouse, your children, and every other person in this country now owes $43,000+ to our creditors.
Reply to this comment
by jackthor November 2, 2010 5:54 PM EDT
Get your facts right - the federal debt has only increased by $3 trillion under Obama. Under W. Bush alone it increased by almost $5 trillion.
Another way to look at it: Obama hasn't even increased the national debt by as much as Bush did, let alone every other president.
by nsu1997 January 4, 2011 11:00 PM EST
@jackthor: "ONLY" $3 trillion? Jeez Obama has only been in office 2 years and has almost racked up as much debt as it took Bush 8 years to do.
by erasmus111 October 20, 2010 3:33 PM EDT
Changes cost money. Can't do it without it. Given time those changes will save money. The money spending was okay, though, when Bush was pissing it away on two wars.
Reply to this comment
by berlinfoto-2009 October 20, 2010 1:34 PM EDT
More on my earlier post, in the history of baseball, or some other sport how many times have games been fixed or thrown, in order for the bookies to make a killing. How many witting players does it take to fix a professional or amateur sporting game?
Would it really take more witting players? to fix or throw the presidency? could this be kept a secret?
Collusion is hard to prove, conspiracies happen all the time.
What is, after all human nature?
Reply to this comment
by propitiation October 20, 2010 1:33 PM EDT
Also, just to let you know, I never watch Fox, or even go to their Website!
Reply to this comment
by chevyhotrod October 20, 2010 2:32 PM EDT
Doesn't appear that you have a very open mind. Maybe if you just keep your eyes shut long enough and keep your ears plugged and your mouth closed it will all go away soon enough.
by krisd999-2009 October 20, 2010 1:32 PM EDT
The President can't spend a penny.. the Democrats have been in charge of Congress now for many years and they run up the deficit under Bush(who went along and didn't veto anything) and Obama. It will take huge cuts/elimination in Social Security, Medicare, subsidies and the military to eliminate 1.5 trillion spending. We are currently taking money from investors to pay the interest to previous investors and then some to support an unsustainable lifestyle for government employees and subsidies recipients. It's classic Madoff like pyramid scheme that will collapse when new investors get spooked/run out of new suckers. Clinton made the debt very short term, one third, 5 trillion, has to be rolled over every year. If those investors get spooked and demand higher interst rate and no new investors soak up the extra 2 trillion deficit, it will have to be printed up and we will be on an impossible threadmill to complete dollar collapse, riots in the streets, and most likely millitary rule. It may come down to outright debt default, wipe out of pensions, SS and Medicare.
Reply to this comment
by geta_life February 23, 2011 7:07 PM EST
Let me see , George Bush Junior was president from 2001 - 2008 and according to political statistics the 107th congress, senate 50 dems 50 republicans, house 212 dems, 221 republicans
108th congress senate 48 dems 52 republicans, house 205 dems, 229 Republicans.
109th congress senate 44 dems, 55 Republicans, house 202 dems, 231 Republicans.
This covers 2001 - 2007 Junior was in office from 2001 - 2008. Fact is, since the 104th congress (1995) the senate has been republican controlled for all but 4 years , same with the house, don't believe me , look it up.
Do the math, I'm sure you can figure out who has been in control and if you get a chance check what the deficit was before & after ,trade deficit, also unemployment etc. Do a little research I'm sure you can do it , do yourself a favor ,try to find a site that doesn't favor one party or the other. The problems in this country didn't happen overnight it may take more time than anybody would like to repair.
by actornaught October 20, 2010 12:36 PM EDT
"...on Obama's Watch" is a come on to pander to foxrush media fans (a.k.a. punchlines). Shame on cbsnews for putting out a deceptive article title like that.
Reply to this comment
by propitiation October 20, 2010 1:32 PM EDT
www.federalbudget.com/ and click on the Federal Deficit Charts.
Let's see? "Since President Obama has been in office the National Debt has gone up 3 Trillion Dollars," or "Since President Obama has been in office the National Debt has gone up around 30%," how about, "Since President Obama has increased 15 times from what if was."
Oh geez, CBS is presenting the Truth...lol...like "You've Got Mail"...F-O-X...Fox
by berlinfoto-2009 October 20, 2010 12:16 PM EDT
I remember years ago hearing the sons of military families saying that Americans would gladly accept a dictator over anarchy, any day. Could it be that the United States is being intentionally turned into "THE NEW WEIMAR REPUBLIC"? Could have Obama been? possible without the eight disastrous years of Bush? Could the eight disastrous years of Bush been part of a plan.
Was not Bush Senior the head of the CIA and a long time CIA asset or operative with his off shore oil platforms?
I am only asking questions I am not answering them.
Reply to this comment
by propitiation October 20, 2010 12:10 PM EDT
Marxism takes money from the rich AND THEN gives it to the poor.
Socialism raises taxes, AND THEN gives money to the poor.
The Democrats give money to the poor, SPEND, without having money in the first place. It's the American way, be irresponsible with a Credit Card, without having enough money, and expecting better pay...in this case from taxes.
They declare, Let's make everyone making over 250K step up to the plate and pay their fair share! They start pounding the drums about this to the Small Business community towards the beginning of 2008. The Small Business community goes in a conservative mode, and BANG.
Unemployment hits the roof since they beat their stupid drums!
http://www.google.com/publicdata?ds=usunemployment&met=unemployment_rate&tdim=true&dl=en&hl=en&q=national+unemployment+rate+chart
Reply to this comment
by actornaught October 20, 2010 12:21 PM EDT
psst, "marxism" isn't happening, you've been punked...
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