Monday, August 27, 2012

US Debt On Track To Hit $16 Trillion Within Week

CNSnews has;
U.S. Debt On Track To Hit $16 Trillion Within Week

George H.W. Bush. Barack Obama, George W. Bush, Bill Clinton, Jimmy Carter
President George W. Bush met with President-elect Barack Obama and former Presidents George H.W. Bush, Bill Clinton and Jimmy Carter in the Oval Office on Jan. 7, 2009. (AP Photo/File Photo)

Thus, under Obama, the debt has increased more than under all presidents from George Washington through George H.W. Bush combined.
During President George W. Bush’s two terms in office, the debt increased $4,899,100,310,608.44. That is also more than all the debt accumulated by all previous presidents from George Washington through George H.W. Bush combined.
Nonetheless, the $5,349,641,980,231.06 in new debt accumulated in less than four years under Obama is more than the $4,899,100,310,608.44 in new debt accumulated in eight full years under George W. Bush.
According to data reported by the IRS earlier this year, there were 81,890,189 tax returns filed for 2009 that showed taxable income. That means the total debt of the United States now equals $195,096.86 for each 2009 federal taxpayer.
The $5,349,641,980,231.06 in new debt accumulated just during Obama's time in office equals about $65,327 per taxpayer.
John Boehner at Peter G. Peterson Foundation fiscal summit
House Speaker John Boehner speaks at the Peter G. Peterson Foundation’s 2012 fiscal summit in Washingon on Tuesday, May 15, 2012 (AP Photo)

The Republicans won a majority in the House of Representatives in the November 2010 election. However, the Republican-controlled House did not gain a veto over federal spending until March 4, 2011, when a continuing resolution passed by a lame-duck Congress in December 2010 expired. Since March 4, 2011, the government has been funded by a series of spending deals made between House Speaker John Boehner, Senate Majority Leader Harry Reid and President Barack Obama.
Since the first Boehner-Obama spending deal, which took effect on March 4, 2011, the debt has increased by $1,793,891,844,263.11. That equals about $21,906.07 per taxpayer.
President Obama proposed a fiscal 2013 budget that, according to the Congressional Budget Office, called for $6.39 trillion in deficit spending in the ten years from fiscal 2013 through fiscal 2022. During those ten years, according to CBO’s analysis, the annual deficit would never drop below $488 billion, a level it would hit in 2017. Under Obama’s budget proposal, according to CBO, annual deficits would start to grow again after 2017, hitting $510 billion in 2018, $602 billion in 2019, $638 billion in 2020, $678 billion in 2021, and $728 billion in 2022.
In fiscal 2008, according to the White House Office of Management and Budget, the federal government spent $2.982 trillion. In fiscal 2012, it will spend an estimated $3.795 trillion

Thank You CNS and Mr Jeffrey

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