Front Page
NMJ Search
Editorials
Commentary
Archive
NMJ Radio
Constitutional Literacy
Islamofascism
Progressivism
Books
NMJ Shop
Links, Etc...
Facebook
Twitter
Site Information
About Us
Contact Us
  US Senate
  US House
  Anti-Google






Since Obama has been president, the federal debt has increased $5,913,923,241,234.38. That is more than all the debt accumulated by all the presidents from George Washington through Bill Clinton.
Social Bookmarking
Print this page.
Adding $5.9T to Debt, Obama
Claims He's Cut Deficit $2.5T

CNSNews.com
President Barack Obama claimed today that since he has been president both parties have worked together to cut the federal deficit by $2.5 trillion--despite the fact that the national debt has increased $5.9 trillion during Obama's presidency, which is more than it increased under all presidents from George Washington through Bill Clinton combined.

"Over the last few years both parties have worked together to reduce our deficits by more than $2.5 trillion," Obama said in a speech at the White House in which he called on Congress to avoid modest automatic cuts in anticipated spending that are set to begin on March 1.

"More than two thirds of that was through some pretty tough spending cuts," Obama said. "The rest of it was through raising taxes, tax rates, on the wealthiest one percent of Americans. And together, when you take the spending cuts and the increased tax rates on the top one percent, it puts us more than half way to the goal of $4 trillion in deficit reduction that economists say we need to stabilize our finances."

In August 2011, Obama and House Speaker John Boehner cut a deal to give Obama an additional $2.4 trillion in borrowing authority, which Obama had entirely used up by Dec. 31. 2012. The legislation that Obama and Boehner agreed to back in 2011 also said that starting two years later, in fiscal 2013, Congress and the president would begin cutting about $1.2 trillion from the anticipated spending that the government would do in the following ten years.

Automatic across-the-board cuts in anticipated federal spending--split between defense and domestic spending--were supposed to begin on Jan. 1, if, by that date, Congress and the president had not agreed to an alternative package of equivalent cuts.

Instead, Obama and Congress made the so-called "fiscal cliff" deal, which increased federal taxes, but postponed the automatic cuts in anticipated spending until March 1, and reduced them from about $109 billion for this year to $85 billion.

When Obama was inaugurated on Jan. 20, 2009, the federal government's debt was $10,626,877,048,913.08. As of the close of business on Feb. 14, 2013, the federal government's debt was $16,540,800,290,147.46. Thus, since Obama has been president, the federal debt has increased $5,913,923,241,234.38. That is more than all the debt accumulated by all the presidents from George Washington through Bill Clinton.

The federal debt was last below $5.913 trillion on Feb. 1, 2002, when George W. Bush was president.

Federal spending and federal deficits have both increased sharply under President Obama. In fiscal 2008, the last full fiscal year before Obama took office, the federal government spent $2.9716 trillion. In fiscal 2012, the federal government spent $3.538 trillion.

In fiscal 2008, the federal deficit was $454.8 billion. In fiscal 2012, it was $1.2967 trillion. By this measure, President Obama did not reduce federal deficits by $2.5 trillion. He increased the annual deficit by $841.9 billion.

READ FULL SOURCE ARTICLE: 02/19/2013








The BasicsProject.org informational and educational pamphlet series is now available for Kindle and iPad. Click here to find out more...

The New Media Journal and BasicsProject.org are not funded by outside sources. We exist exclusively on tax deductible donations from our readers and contributors.
Please make a sustaining donation today.







Opinions expressed by contributing writers are expressly their own and may or may not represent the opinions of NewMediaJournal.us, its editorial staff, board or organization.  Reprint inquiries should be directed to the author of the article. Contact the editor for a link request to NewMediaJournal.us.  NewMediaJournal.us is not affiliated with any mainstream media organizations.  NewMediaJournal.us is not supported by any political organization.  Responsibility for the accuracy of cited content is expressly that of the contributing author. All original content offered by NewMediaJournal.us is copyrighted. NewMediaJournal.us supports BasicsProject.org and its goal: the liberation of the American voter from partisan politics and special interests in government through the primary-source, fact-based education of the American people.

FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to:http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.


The Media Journal.us © 1998-2014    Content Copyright © Individual authors
Powered by ExpressionEngine 1.70 and M3Server