‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.’
The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office.
The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion.
President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.
But the Obama Administration routinely blames the Bush Administration for inheriting a budget surplus and turning it into years of record-breaking deficits and debt — and then leaving it on the doorstep of the new president.
“I walked into office facing a massive deficit, most of which was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program,” Mr. Obama said last month in a speech to corporate executives at a Business Roundtable conference.
“When we walked in, we had a deficit of $1.3 trillion and projected debt over the course of a decade of $8 trillion,” he told the CEOs on February 24th. “The lost revenue from this recession put us in an even deeper hole. And the steps we took to save the economy from depression last year have necessarily added to the deficit — about $1 trillion, compared to the $8 trillion that we inherited.”
The most the administration says it can do is try to slow the growth of the National Debt – but its own forecasts show it doesn’t look promising.
In the 2011 federal budget released last month, the administration projects the National Debt will soar ever upward to over $25 trillion in the year 2020. The total debt will amount to more than 100 percent of the national economy as early as 2012.
Mr. Obama frequently argues that one of his reasons for seeking to overhaul health care coverage in America is the costs it imposes on the government. He says “the status quo on health care is simply unsustainable.”
He warns that if his health care plan is not enacted, “our government will be plunged deeper into debt.”
In the belief that politicians lack the resolve to make the tough decisions needed to reduce annual deficits and slow the growth of the debt, the president signed an Executive Order last month creating a National Commission on Fiscal Responsibility and Reform to recommend steps the government can take to balance the budget by 2015 – excluding interest payments on the National Debt.
Mr. Obama set a December 1st deadline for the Commission to vote on its final report.
Posted by Mark Knoller
March 16, 2010 5:13 PM
Source: CBS NEWS
The elite puppet US government and the Fed are destroying America:
- China concerned about US dollar, wants reassurance
- Gerald Celente: ‘It’s the greatest bank robbery in world history and the banks are doing the robbing.’
- Dylan Ratigan & Eliot Spitzer on The Lehman Brothers Report
- US budget deficit hits record $221bn, the largest monthly deficit in history
- US Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt … No Matter What Barney Frank Says
- US: 43% Have Less Than $10k For Retirement
- Marc Faber on CNN: The Patient is Already Dead
- Obama Administration Using Accounting Gimmicks That Would Make Enron ‘Blush,’ Says Republican Lawmaker
- Bizarre? Now this is bizarre! Audit the Fed banksters NOW!
- US Senator Judd Gregg Warns of ‘Financial Meltdown’ Risk
- Rep. Ron Paul Grills Ben Bernanke on Saddam Hussein, Watergate and the Fed
- US Unveils Plans For New $1 Billion High-Security Embassy In London — The Most Expensive It Has Ever Built
- FDIC Report: ‘We Were Broke And Getting Broker’
- US: Millions of Unemployed Face Years Without Jobs
- US: Wealth Disparities Approaching 1920s Levels
- Judge Napolitano and Angela Keaton on Freedom Watch: Obama’s Bush Foreign Policy
- Rep. Ron Paul At CPAC 2010: ‘We Are On The Brink Of A Financial Cataclysmic Event.’
- Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion
- Societe Generale Chief Strategist Albert Edwards: Theft! Were the US & UK central banks complicit in robbing the middle classes?
- How to invest for a global-debt-bomb explosion; Prepare for an apocalyptic anarchy (Market Watch)
- Marc Faber on CNBC: All Governments Will Default On Their Debt, Including The US
- Cynthia McKinney at Munich Germany NATO Peace Rally: ‘My Country Has Been Hijacked By A Criminal Cabal’
- Report: 1 in 5 US Homeowners Underwater; Foreclosures at Record High
– President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year
- Rep. Alan Grayson: ‘20 Percent Of Our Accumulated Wealth Over The Course Of 2 Centuries Gone in 18 months!’
- Paul Craig Roberts: It Is Now Official: The U.S. Is A Police State
- Prof. Russell Roberts Testifies Before House Committee: ‘I Want My Country Back!’
- Director of National Intelligence Says US May Kill Americans Abroad
- President Obama Ups Pakistan Drone Strikes in Assassination Campaign
- The New Vision of the Obama Administration: War Without End
- Pentagon’s New Record Black Budget Tops $56 Billion
- Rep. Ron Paul on Obama seeking to assassinate ‘US citizens’ he labels as terrorist
- White House to Paint Grim Fiscal Picture: Another Record Budget Deficit
- US: GDP Mirage – The Last Hurrah
- Controller: Pennsylvania Capital Should Weigh Bankruptcy
- Marc Faber: Obama Makes Bush Look Like a Genius
- Obamanomics: Why Did the ‘Stimulus’ Fail to Help the US Economy?
- Paul Craig Roberts: How Wall Street Destroyed Health Care – Greed, Be Thou My God
- Ron Paul: US Foreign Policy is Bankrupting America
- Rep. Ron Paul: State of the Republic Address – ‘Dangerous Times Indeed.’
- America’s Impending Master Class Dictatorship! (MUST-READ!)
- The CFR Controls American News/Media
- Senate Proposes Increasing US Debt Limit to $14.3 Trillion: “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus
- US: Unfunded Benefits Dig States’ $3 Trillion Hole
- Illinois enters a state of insolvency: ‘We’re close to de facto bankruptcy, if not de jure bankruptcy.’
- The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street
- Peter Schiff: The Lunacy of US Government Programs
- Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?
- Experts: Dollar Crisis Looms if US Doesn’t Curb Debt
- Marc Faber on Coming Sovereign Debt Crisis: Next Countries to Default are the US, Japan and the ‘PIIGS’
- Fitch: US Must Cut Spending To Save AAA Rating; US December Deficit Nearly Doubles
- The Coming Sovereign Debt Crisis
- US slides deeper into depression as Wall Street revels
- PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)
- Barack Obama’s Health Care Lies And Reversals
- US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks
- Peter Schiff on Fast Money: ‘America is broke’; ‘The Fed created a currency crisis’; ‘Dollar to collapse 50-70% or more’
- US: Public Pensions Face $2 Trillion Deficit
- U.S. Avoids Technical Default By Three Days
- As an American, I refuse to buy mandatory health insurance … that supports Big Pharma
- The US Government Is Preparing For Collapse: Your Legal Right To Redeem Your Money Market Account Has Been Denied
- Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama
- US Treasuries Post Worst Performance Among Sovereign Markets In 2009
- US losses will top $400 billion on Fannie Mae and Freddie Mac
- US: More Ammo For The Treasury Bazooka
- US government wants farmers to use coal waste on fields
- The No.1 Trend Forecaster Gerald Celente: The Terror And The Crash of 2010
- We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s
- US Congress: Banksters Get $4 Trillion Gift From Barney Frank
Traitor in chief:
– Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)
- Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas
- Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be
- Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution
- Obamacare: Big payoffs to senators on health bill stoke public anger
- US: Trillions Of Troubles Ahead
- Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’
- Obamacare: Change Nobody Believes In
- Obama’s surge comes at a cost: At least $57,077.60 per minute
- US National Debt Tops Debt Limit
Hypocrite in Chief (Funny):
– President Obama: Another Busy Day in The Oval Office!
- Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic
- John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression
Liar in Chief (NOT funny!!!):
– Barack Obama Lies 7 Times In Under 2 Minutes!!!!!
- Robert Fisk, The Independent’s award-winning Middle East correspondent: Obama is a Disaster, Worse than Bush
- Rep. Dennis Kucinich: ‘These Wars Are Corrupting The Heart Of Our Nation!’
- Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury
- Rep. Dennis Kucinich: The Truth About Afghanistan
- Obama’s Big Sellout (Rolling Stone Magazine)
- Obama administration to lift debt ceiling by $1.8 trillion
- Climategate: President Obama’s rule by EPA decree is a coup d’etat against Congress, made in Britain
- Obama administration tells Pakistan: Tackle Taliban or we will
- MSNBC Rachel Maddow: War President Obama
- Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’
- Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year
- Rep. Brad Sherman: Geithner rejects $1 trillion limit on bailout power (Section 1204 is unlimited in dollar amount!)
Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
– Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’
Tags: Barack Obama, Debt, Economy, Global News, Government, Obama administration, Politics, U.S.