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.
Let’s be honest and look at the Bush admins effect on the national debt with their still ongoing unfinished unfunded wars and their massive expansion of homeland security. They doubled the debt. Then let’s also be honest it’s not Obama care, it’s the Affordable care act which was originally a Heritage Foundation creation and then the Mitt Romney Plan. Are you saying that this is all Obama’s fault too? Congress has no responsibility? The Military Industrial Complex has no responsibility? The National Security state has no responsibility? The largest entitlement of them all, Corporate Subsidies has no responsibility?
Language Matters. Hypocrisy drives me crazy.
Ignorance is BLISS!
Still blameing bush your so stupid you wouln’t learn anything till you lose everything ……
Ditto!
Sounds like King Obama and Babyface Boner will be enjoying themselves with all that insider trader money they’ve made over the years. They’re both smokers, so they won’t enjoy it for long. Their kids are set, so they don’t care about the rest of the country. Hope they have good security. Even the DADS, dumb ass deems, will eventually pull their heads out of their asses, but not welfare or medicade recipients. I’ve given up on our Govt. Seniors and working class will be cut to take care of the Mexican’ts, and minorities. Paul Ryan can’t begin to fix this. The Feds can’t be audited and we will never balance the budget. Smart individuals should leave only enough money in the bank to pay bills. Invest in the metals now, give no charity out and protect yourself, from our Govt. When he calls for Marshall Law, he will be able to stay in office forever, or until his military turns against him. My advice is to practice yoga, so that you can kiss your own ass goodby, that is, if you haven’t hedged the dollar. Human nature is that people in other countries will continue to hate us, because we step on everyone, so that Govt and the 1%’s will make more money. It doesn’t take rocket science to figure this out unless you’re a surfer dude or drug runner. Pray for this country.
Again with the posting comments too quickly!! If you don’t like my comment, just say so, don’t give me the bs of posting too quickly.
And GWB created the first 10 trillion.
To Viola: Wrong not 10 trillion, but according to the present administration & the democrats, 7 trillion. And they are still blaming Bush for the cost of the present wars going on, however if The Muslim in the Presidents Office had not pulled out most of the troops from the middle east countries, it would have been over, & there would be no ISIS, & other crazies stirring up trouble. Bush was not the brightest light bulb in the pact, however he was not a traitor like your king Obama.
Viola;
Are you saying, that all that preceded GWB accumulated no debt ?…Give me a freeking break !…Obbey has created more debt than all previous Presidents put together.
To Eric: You are right, Obama is not fully to blame, our dumb ass elected officials, are just as bad as he is, however this present administration, being led by the Muslim in the Presidents Office, have done more damage to this once great country then all of the other administrations combined, & the Muslim USA hater has another year left to do more damage. Government in most countries is corrupt, & that is why this whole world is in such a mess.
Our politicians are going to destroy our nation. When it finally comes time to deal with the problem many of these politicians will happily be in retirement living the high life while the rest of us are forced into poverty.
Everyone who voted for this horrible plan should be voted out of office during the next election.
O is not the only muslim/muslim sympathizer working in the WH. Democrats have been known as the tax and spend party since WWII. They are also the party of blame since they like someone else, they have no issues, and are the kings and queens of patronage. They learned patronage back when they were the big city boss machine political party. Then after WWII they moved machine politics to DC which gave them access to the money supply so they could practice patronage on a national scale. e.g.–LBJs Great society and Obama care. Too many people now view the govt as a giant ATM machine where freebies are found.
The govt can never go bankrupt because endless deficits, which is what the national debt is made of, does not mean we will run out of money. What it means is the purchasing power of the dollar goes, down, down, down. And today the PP of the dollar in say 1955 dollars is only 5 cents? The national debt is not a pot of gold at the end of a rainbow as the pols seem to think they can fool us suckers. Also I’ll bet nota single elected official manages their own personal finances like they do the federal budget. If they do then they have horrid credit card debt.