National Debt Reaches 19.5 Trillion as Obama Solidifies “Worst President of Our Time” Designation
The national debt hit $19.5 trillion for the first time ever this week, a little more than seven months after it hit the $19 trillion mark.
The debt clocked in at $19.51 trillion at the end of Wednesday, the Treasury Department reported Thursday afternoon. Precise debt figures on any given day are released on the following business day.
The national debt hit $19 trillion for the first time ever on Jan. 29.
When President Obama took office in early 2009, the total debt was $10.63 trillion, which means it has almost doubled under his watch.
The Congressional Budget Office reported in August that the debt-to-GDP ratio will match levels not seen since 1950 by the end of the current fiscal year.
The debt is the sum total of annual budget deficits, plus interest, and those annual deficits are soon expected to rise again in the coming years.
President Obama has boasted of cutting the annual budget deficits by more than two-thirds over the last few years. But it was under his administration that those deficits soared north of $1 trillion, and only in the last few years did they return to the highest deficit levels ever seen under his predecessor, President George W. Bush.
While he was a senator, Obama criticized Bush for presiding over those same deficit levels, and said they represented a failure of leadership on the part of Bush.
Under current law, the debt ceiling has been suspended until mid-March, which means the debt is free to rise as high as the federal government lets it. The total national debt when Obama leaves office in January is expected to approach $20 trillion by then.
H/T – Washington Examiner
Obama’s legacy will forever be one of great hope followed by even greater failure. The economy is a mess, terror in America has risen dramatically, race relations are worse than ever, and Obamacare is on the verge of total collapse.
The vast majority of Americans who believe the Country is going in the wrong direction should understand Hillary Clinton would be nothing more than an extension of Obama’s failed policies….only worse.
Only Donald Trump represents the true change in America and a chance to turn things around.
Support the Trump Movement and help us fight Liberal Media Bias. Please LIKE and SHARE this story on Facebook or Twitter.
[…] Source. […]
[…] Source […]
Will it hit 25 trillion before he leaves office and does he have one last vacation planned before he leaves office like another 10 days somewhere tropical around Christmas so he can play golf smoke cigars and spend another 5 million
He was never my president, I never voted for his ass, and never for that bitch either!!!!, that bitch supports Muslims who kill, rape, and stone women and marry children which is called sharia law and honor killings. I hate our president for what he stands for and his family as well. Thanks he is not from the United States of America, he is from Indonesia and was born in Kenya, Africa
He will alleyways be the worst president ever!!!!,
That is my opinion not anyone e else’s, I never agreed the way he ran things and totally abused executive orders massively, he’s arrogant, narcissistic mofo weber existed or was born period!!!
He will alleyways be the worst president ever!!!!,
That is my opinion not anyone e else’s, I never agreed the way he ran things and totally abused executive orders massively, he’s arrogant, narcissistic mofo weber existed or was born period!!!