$6 Trillion in New Debt on Obama’s Watch
During his first presidential campaign in 2008, Barack Obama unloaded on then-President George W. Bush for his excessive spending. Obama said that running up $4 trillion in debt in eight years, as Bush did, was “irresponsible” and “unpatriotic.” Obama made the deficit into a big part of his messaging during this campaign, telling Americans that they would see a net-spending cut in his first term.
It’s no secret that Obama has been terrible on spending, despite his tough talk and promises, but the price tag on his presidency has hit another sobering figure. According to CBS News via The Weekly Standard, $6 trillion has been added to the national debt on Obama’s watch:
Since President Barack Obama took office in January 2009, more than $6 trillion dollars has been added to the national debt.
“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),” reports Mark Knoller of CBS.
“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.”
Oh, and we’re going to have another budget deficit of nearly $1 trillion this year. Based on projections from the Congressional Budget Office, the national debt will rise by another $3+ trillion, running through FY 2017, which would theoretically be the last budget for which Obama is responsible.
And keep in mind, folks, that Obama is complaining about a $44 billion spending cut for the current fiscal year. When you look at all of the numbers, seeing how little the sequester actually cuts, the warnings of doomsday that were so prevelant seem so silly.