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Tuesday, October 19, 2010

Obama Raises National Debt By $3 Trillion In Just Two Years

Democrats have often been called "spend and tax" Democrats by critics and though they deny that charge regularly, the numbers don't lie and those numbers are provided by the Treasury Department’s Bureau of the Public Debt.

CBS reports:

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.

CBS points out that Obama frequently blames Bush, but Ed Morrissey at Hot Air, provides the exact numbers.

We can also do the same calculations by fiscal year, from October 1 to September 30 each year, matching the budgets. Using that guide, we find the following scenarios:

* Republicans in control for 12 years: Added $4.034 trillion (avg $336.17 billion per year)
* Republicans in control during Bush era: Added $3.201 trillion (avg $533.5 billion per year)
* Democrats in control of Congress during Bush/Obama era: Added $4.603 trillion (avg 1.48 trillion per year)

Clearly, while Republicans have been somewhat irresponsible in running up debt, Democrats have managed to be almost three times worse than Republicans. Just as clearly, they have no intention to cut spending to correct this, but instead plan to hike taxes to fund their spending spree. And they’re being led by a President who wants to spend even more, as his own budget projections show.

$3 trillion of that last figure of $4.603 trillion has been since Barack Obama has been president.

CNS explains where that money comes from:

As calculated by the Bureau of the Public Debt, the total federal debt includes two major components: debt held by the public, which includes publicly traded securities such as Treasury bonds, and intragovernmental debt, which is money the government borrows from theoretically dedicated funds within the government itself, such as the Social Security trust fund.

The overwhelming majority of the $3.039 trillion increase in the debt under President Obama has come in the form of debt held by the public as opposed to intragovernmental debt. Debt held by the public has increased $2.75196 trillion since Obama was inaugurated, according to the Bureau of Public Debt, while intragovernmnetal debt has increased 287.0889 billion.

Then the public asks itself, who exactly will end up responsible for paying those debts?

Any questions?