The United States needed over 230 years to accumulate over $10 trillion in national debt.
Under the Obama administration, the country needed only 7 more years to nearly double that.
According to reports, the debt of the United States government will be on track for a debt level of nearly $20 trillion by next year. With the Paul Ryan-led Republican budget deal settled, the Obama administration has essentially been given a blank check to run this number up even higher.
Kentucky Senator and presidential candidate Rand Paul said of the deal, “We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office. No limit, no dollar limit. Here you go, President Obama. Spend what you want.”
Paul isn’t the only conservative to be appalled by the staggering debt increase.
Paul Winfree, director of economic policy studies at The Heritage Foundation, told the Washington Times that “The Boehner-Obama spending agreement would allow for unlimited borrowing by the Treasury until March 2017.”
Winfree continued, “This deal piles on billions of dollars to the national debt by increasing spending over the next three years and then not paying for it for a decade — with half of the offsets not occurring until 2025.”
The new budget deal, “will continue to consume a larger portion of the federal budget, and we’ll be looking at gross interest payments on the national debt of close to $1 trillion [per year] by the time another decade passes,” said Pete Sepp, president of the National Taxpayers Union.
You can read the Washington Times article on this subject here.