President Barack Obama Thursday (January 12, 2012) formally asked the US Congress for another 1.2 trillion dollars in borrowing authority for the federal government. Under the new request, the debt limit would rise to $16.394 trillion, which the Treasury Department estimates will fund the government until late 2012. When Barack Obama was a United States Senator, he said this about raising the debt ceiling: "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
Senator Barack Obama
March, 2006
In 2006, then Senator Barack Obama described in perfect detail his 'OWN Reckless Spending' that has been the cornerstone of his Presidency.
Barack Obama is on 'Track' to become the 'Biggest Spender' in the History of Mankind and yet Obama continually insists that 'Spending is NOT the Problem'?.
- A Sign of leadership failure.
- A Sign that the U.S. Government can’t pay its own bills.
- A Sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
- Increasing America’s debt weakens us domestically and internationally.
- Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.
- America has a debt problem and a failure of leadership.
- Americans deserve better.
Barack Obama's economic plan to reduce the United States debt and avoid bankruptcy, is 'Borrowing and Spending'.
The man President Obama chose to carry on the 'Obama Economic Policies' should something happens to him explains: “We’re going to go bankrupt as a nation,” Biden said.“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that's what I’m telling you.”
President Barack Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34) putting him on a pace to increase the national debt by $6.2 trillion ($6,195,379,272,340.74) by the end of his term on Jan. 20, 2013, according to the debt figures published by the U.S. Treasury.
That $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton combined.
The national debt was $10.6 trillion ($10,626,877,048,913.08) on Jan. 20, 2009, the day Obama was inaugurated. As of the close of business on Jan. 11, 2012, it was $15.2 trillion ($15,236,307,075,631.58.) In Obama’s first 1,087 days in office, the debt increased $4.6 trillion ($4,609,430,026,718.50)—or an increase of $4.24 billion ($4,240,506,004.34) per day.
RG (Retired Geek)
Related Post: Barack Obama Wants to Spend More Money
Related Post: Lurita Doan - New Spending Bill, More Fiscal Stupidity
NOTE: To share or email this 'Specific' article, you must click on the Title of the article.
No comments:
Post a Comment