Federal debt held by the public has exploded in the Obama Era. The 2008 recession necessitated a policy response, and the Obama Administration's response was to institute a massive stimulus program on top of cratering federal revenues, which ballooned the federal deficit and added a huge amount of federal debt.
Earlier this year, President Barack Obama warned that Social Security checks will be delayed if Congress fails to increase the government's borrowing authority by raising the debt ceiling. However, there's an issue with this warning.
“I plan to say some things that may challenge your assumptions,” warned Louisiana Governor and rumored 2016 contender Bobby Jindal. “You may not agree with all of it, but that’s ok, ours is a party that can handle real discussions.” Challenge accepted, Governor.
As a senator and presidential candidate, Barack Obama said that he detested budget deficits. In 2006, when the aggregate national debt was almost $8 trillion less than today, he blasted George W. Bush's chronic borrowing and refused to vote for upping the debt ceiling: "Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.'"
WASHINGTON - The latest sign President Obama fears he's headed for defeat came this week when he said he'd seek a "grand bargain" with Republicans to reduce a $16 trillion debt.
Who should we tar and feather for the scandalous spending spree at that General Services Administration “conference” in Nevada two years ago? Whose fault is it that a bunch of GSA bureaucrats wasted money on $44 breakfasts, a clown and a $75,000 bicycle-building exercise? Not the GSA’s bosses. Not the Obama administration. I pin the blame on Watergate and Congress.
We in America today live in a country circumscribed by entitlement policies devised by an America that steadily has been disappearing. Those policies established more than a generation ago cannot possibly, in mathematical or demographic terms, support the America of the present, much less the America of the future. That is the stark reality.
The government's monstrous budget deficits continue their meteoric rise under Barack Obama's big spending policies, further threatening America's shaky economy and future growth.
In 2009, Obama pledged to cut the deficit in half by the end of his term. On Monday, he officially broke that promise, by unveiling a budget with the fourth consecutive deficit in excess of a trillion dollars. By the end of 2012, the national debt will exceed $16 trillion and by 2022, a whopping $25.9 trillion.
Senate approves $1.2 trillion debt ceiling hike.
The Golden Gate Bridge is an ironic American structure. It was finished in just four years and came in $1.3 million under budget. Earlier this month, California Senator Dianne Feinstein acknowledged that could not happen today: “…it would take a hundred years to do it with all the permits we need.”
THE TREASURY DEPARTMENT reported last week that the national debt had surpassed $15 trillion, clocking in at precisely $15,033,607,255,920.32 as of the close of business Tuesday.
The shell game accounting that was employed in March 2010 by the White House and Democrats in Congress to pretend that ObamaCare would actually reduce the federal deficit was embarrassingly transparent.