Barack Obama Doubles US Marketable Debt in 5 Years

On July 3, 2008 -- the day before Independence Day -- Barack Obama said that adding $4 trillion in debt was irresponsible and "unpatriotic.



The marketable debt of the U.S. government has more than doubled–climbing by 106 percent–while President Barack Obama has been in office, increasing from $5,749,916,000,000 at the end of January 2009 to $11,825,322,000,000 at the end of January 2014, according to the U.S. Treasury’s latest.

During the eight-year presidency of George W. Bush, the marketable debt of the U.S. government almost doubled–climbing 93 percent–from $2,977,328,000,000 at the end of January 2001 to $5,749,916,000,000 at the end of January 2009.

Obama Has Added $6 Trillion in Debt in One Term

Hi, I’m Senator John Thune from the great state of South Dakota.

With the recently passed fiscal cliff legislation, Congress enacted tax relief for 99 percent of Americans.

Now that the tax part of the fiscal cliff issue has been dealt with, it’s time to address the real cause of Washington’s fiscal mess— out-of-control spending.

Washington is addicted to spending your money.

Over the past four years, our country has added nearly $6 trillion to the national debt. At $16.4 trillion, our nation’s total debt is now larger than our entire economy.

This means that every man, woman, and child owes a $53,000 share of this debt. That level of spending is unsustainable. We cannot afford to keep adding over a trillion dollars to the debt every year, as we have for the past four years.

A major credit rating agency has already downgraded our nation’s credit once, and, if we don’t start making some real progress on spending reforms, more downgrades are likely in the near future.

What does that mean, practically speaking?

Well if you or I as citizens had a bad credit rating, banks would charge a higher interest rate when we approached them to borrow money.

It works the same way with nations. If the United States’ credit rating is further downgraded, our country will pay higher interest rates. This will mean trillions of borrowing in order for America to pay its bills.

Needless to say, we can’t go on like this forever. Eventually, we are simply going to run out of money. And no tax increase, no matter how high, will be enough to save us.

The only way—the only way—to dig ourselves out of this hole and put our country on a sound financial footing is to get spending under control.

Reducing our spending and debt will jump-start our economy and create jobs and opportunities for American families and workers.

And the way to start is by passing a budget.

I think most American families would agree that having a budget is essential to keeping their spending under control.

And if a budget is essential when you’re running a family, it’s even more essential when you’re running an entity the size of the federal government.

Congress’ first priority every year should be coming up with a spending plan. In fact, the law requires Congress to do just that. Yet, it’s been almost four years since the Democrat-led Senate passed a formal budget.

Top Senate Dems Who Urged Obama To Raise Debt Ceiling Unilaterally All Voted Against Increase In 2006

On Friday the Democratic leadership of the Senate — Majority Leader Harry Reid, Assistant Majority Leader Richard Durbin, Conference Chair Charles Schumer, and Conference Secretary Patty Murray — wrote to President Obama urging him to unilaterally raise the debt ceiling in the event that Republicans either block such an increase or attempt to pass one “as part of unbalanced or unreasonable legislation.”

“We believe that you must make clear that you will never allow our nation’s economy and reputation to be held hostage,” the Democrats wrote. “We believe you must be willing to take any lawful steps to ensure that America does not break its promises and trigger a global economic crisis — without congressional approval, if necessary.”

Put aside the picture of leading lawmakers, usually so jealous of their constitutional prerogatives, asking the president to ignore Congress. What is striking about the letter is that every one of its signers — Reid, Durbin, Schumer, and Murray — voted against raising the nation’s debt ceiling just seven years ago.

Senator Obama calls Bush "unpatriotic" for adding trillions to debt

RAND PAUL: I’m Not Sure There Was Ever a Bill! I Was Told It Was Online at 1:36 AM. We Voted at 1:39 AM”

Obama; "We have to take on Entitlements" 2008 [VIDEO]

In 2008, President Obama campaigned on hope and change. He made lofty promises from closing Gitmo to changing the sea levels. At a debate in 2008, in between John McCain obsessively saying “my friends”, we heard a different Barack Obama than teh one we hear today. One that believed we must deal with our entitlement crisis and we must deal with it swiftly.

He addressed this because at the time, with an outgoing Republican president, it was in vogue to admit that entitlements and unfunded obligations were the problem. Nowadays, the only problem the left seems to see is that rich guys aren’t getting hosed. We’ve spent a month debating (supposedly) $800 billion in tax revenue against a $16 trillion dollar debt. All this without even addressing the unfunded obligations that Tom Brokaw mentioned in the video which by some accounts is in excess of $120 trillion. Yes. That’s a “t”.

Hopefully a compromise that at the very least prevents us from going backward will appear. I’m not optimistic.


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