Obama: Expansion of National Debt
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The Congressional Budget Office on Friday reported that the federal government ran a $1.1 trillion deficit in fiscal year 2012, making it official that President Obama broke his promise to cut the deficit in half within his first term in office. On Feb. 23, 2009 (a month into his presidency) Obama convened a “fiscal responsibility summit” in the White House, and declared, “[T]oday, I’m pledging to cut the deficit we inherited in half by the end of my first term in office. 
The national debt has now increased by more than $64,000 per federal taxpayer since Barack Obama was inaugurated president.
President Obama has broken a promise to the American people to cut the deficit in half. His latest budget forecasts a $901 billion budget deficit for 2013. If you add in the $1 trillion-plus deficits he has run for his first three years in office, along with an estimated $200 billion in economic stimulus, that's about $5 trillion in the red in his first term.
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U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week. The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday. The $328 billion increase shattered the previous high of $238 billion set two years ago.
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Iranian President Mahmoud Ahmadinejad predicted the impending downfall of the "US empire," blaming the collapse on a combination of the country's massive debt and its loss of legitimacy within the international community, Iran's official news agency IRNA reported Thursday. “How long can a government with a $16 trillion foreign debt remain a world power?” he asked at a press conference with Kuwaiti media personnel. "The Americans have injected their paper wealth into the world economy and today the aftermaths and negative effects of their pseudo-wealth have plagued them.”
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According to the U.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday. That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months.
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The United States Treasury reports that the total public outstanding debt is: $16,015,769,788,215.80. This is the first time in American history debt has eclipsed the $16 trillion mark. The debt has increased approximately $5.4 trillion since President Obama took office on January 20, 2009.
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According to Forbes, “Obama’s own fiscal 2013 budget ... shows federal spending increasing from $2.983 trillion in 2008 to an all time record $3.796 trillion in 2012, an increase of 27.3%” and, “before Obama there had never been a deficit anywhere near $1 trillion.” In addition, Obama had four consecutive budget deficits of over a trillion dollars and, in just one term, will “will have increased the national debt as much as all prior Presidents, from George Washington to George Bush, combined.”
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President Obama has shelled out more in federal spending than the five presidents that came before him... "There has been a dramatic increase in spending under the Obama administration," David Walker, Founder and CEO of CAI, told Whispers. "Most of it is attributable to year one of his presidency and the stimulus... but President Obama has continued to take spending to a new level." Federal spending was close to 20 percent under the Carter administration, dropped to 18 percent under Clinton, and is currently at an incredible 24 percent of GDP.
According to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09. And, as was observed here first in all of the press, US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year.
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In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56. The $5,027,761,476,484.56 that the debt has increased during Obama's presidency equals $16,043.39 for every one of the 313,385,295 people the Census Bureau now estimates live in the United States.
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As the chart shows, America's debt is currently $15.1 trillion, while the Eurozone (which includes France, Germany, Greece, Italy, Spain, the U.K., and others) has a combined debt of $12.7 trillion. (All dollar amounts are in U.S. dollars, and the data refers to closing 2011 numbers.) The Eurozone is larger than the United States, so America's debt per capita also exceeds the Eurozone's. According to the Census Bureau, the U.S. has a population of 313 million, whereas the Eurozone has a population in excess of 331 million.
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President Obama’s landmark health-care initiative, long touted as a means to control costs, will actually add more than $340 billion to the nation’s budget woes over the next decade, according to a new study by a Republican member of the board that oversees Medicare financing.
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The Obama campaign on Tuesday released a memo that casts both Santorum and Mitt Romney as budget busters, in spite of their claims they would reduce national deficits.
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Adding all of this up, deficit spending during Obama’s four years in the White House (based on his own figures) will be an estimated $5.170 trillion — or $5,170,000,000,000.00.
To help put that colossal sum of money into perspective, if you take our deficit spending under Obama and divide it evenly among the roughly 300 million American citizens, that works out to just over $17,000 per person
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(Reuters) - The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills. "I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
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WASHINGTON – President Obama is asking Congress for another $1.2 trillion increase in the nation's debt limit.
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According to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09. And, as was observed here first in all of the press, US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year.
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A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt. The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.”
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Sen. Michael Bennet’s recent appearance in Greeley, Colorado is sure to set political tongues wagging–Bennet is quoted as saying that though trillions of dollars of Federal debt has been incurred through spending since he was appointed to the Senate in January of 2009, “we have nothing to show for it”.
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The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30. That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined.
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The cost of health insurance for many Americans this year climbed more sharply than in previous years, outstripping any growth in workers’ wages and adding more uncertainty about the pace of rising medical costs.
(Reuters) - The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.
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At the close of business on Aug. 31--for the first time in the history of the country--the publicly held debt of the federal government topped $10 trillion, according to data released by the U.S. Treasury Department at 4:00 p.m. yesterday. During Obama's presidency, debt held by the public has now increased by $3.71694 trillion--or almost 59 percent from the $6.3073 trillion in debt held by the public that the government owed to its creditors on Jan. 20, 2009, when Obama was inaugurated.
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When Barack Obama took the oath of office twice on Jan. 20, 2009, CBS' amazing number cruncher Mark Knoller reports, the national debt was $10,626,000,000,000.
That means the debt that our federal government owes a whole lot of somebodies including China has increased $4,247,000,000,000 in just 945 days. That's the fastest increase under any president ever.
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The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates.
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The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion.
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In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
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The government will run another $1.3 trillion deficit in fiscal year 2011.
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The federal debt increased $54.1 billion in the eight days preceding the deal made by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) to cut $38.5 billion in federal spending for the remainder of fiscal year 2011.
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The federal budget deficit was close to $240 billion for the first two months of fiscal year 2012