Click here to ready the Washington Times report on the debt increase.
To give you some perspective on what this means: A $166 billion increase in debt, spent in just one day, is bigger than the entire deficit of the 2007 federal budget. Your share of this increase, on average, totals at approximately $1,500 in new debt. By the way, the other two largest single day spending increases occurred under President Obama’s direction, and there is no sign of this trend slowing down. Over the last two years, the federal government has accrued a $2 trillion deficit.
It’s fairly obvious, but there is no way we can sustain this kind of spending
When you woke up on June 30, you may not have realized that you were waking up to a historic day. However, this was not a day that marked American achievement, innovation, or recovery. It was a morning that witnessed a $166 billion single day increase in American debt. That would be the third largest deficit hike in American history and, shockingly, we reached this extraordinary mark in just two years of wanton, unchecked spending initiated by President Obama and carried by this Congress.