"Those of us who manage the public's dollars will be held to account, to
spend wisely, reform bad habits, and do our business in the light of
day, because only then can we restore the vital trust between a people
and their government." -- Barack Hussein Obama, Inaugural Address January 20, 2009
There were many things that were disappointing about President Obama's first term.
The good folks at Reason TV take a look at some of the disappointments in a new video retrospective of Obama's rhetoric versus reality including:
Trillion dollar deficits.
Obama's failure to submit a budget on time.
The Senate's failure to pass a budget in nearly four years.
Irresponsible spending.
Failed stimulus.
Crony capitalism like Solyndra.
Failure to keep the ObamaCare transparency promise.
Failure to keep his promise to reform immigration during his first year.
You can watch the video below:
There
was much to bedisappointed about during Obama's first term. But the most
disappointing thing about Obama's first term was the irresponsible and
out of control spending.
Today, the national debt is $16,432,631,489,854.70.
It was $10,626,877,048,913.08 when Obama became president. That is an
increase of more than a 5.8 trillion dollars during Obama's first term.
In 2004, when the deficit
was $413 billion and the national debt was $7,419,244,676,835.15 or
$7.4 trillion, Obama said the "monstrous federal deficit" was an "enormous problem." On July 3, 2008, presidential candidate Obama said that adding $4 trillion in debt was "irresponsible" and "unpatriotic." Nevertheless, President Obama added more than $5.8 trillion to the national debt in four years.
President Obama has promised to cut the deficit in half by the end of his first time at least five times:
February 23, 2009: Obama Pledges to cut the deficit in half by the end of his first term in office.
February 24, 2009: Obama pledges to cut the deficit in half by the end of his first term in office.
May 26, 2009: Obama pledges to cut the deficit in half by the end of his first term in office
December 8, 2009: Obama pledges to cut the deficit in half by the end of his first term in office.
February 14, 2011: Obama pledges to cut the deficit in half by the end of his first term in office.
FY2009: The federal budget deficit was $1.413 trillion, the highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2011: The federal budget deficit was $1.299 trillion, the second highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2010: The federal budget deficit was $1.294 trillion, the third highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2012 The federal budget deficit was $1.090 trillion, the fourth highest in U.S. history. ("An Analysis of the President’s 2013 Budget," Congressional Budget Office, 10/5/12)
You
shouldn't be shocked by Obama's failure to reduce the deficit in half
by the end of his first term in office. He did warn us there would be "trillion-dollar deficits for years to come."
The president and his Obamacrats need to get serious about the irresponsible spending. Obama has not submitted a single budget on time. And when Obama's budgets are submitted they are so "unserious" that for the last two years they haven't even received a single vote in the Democrat-controlled Senate. And the Senate hasn't passed a budget in 1,365 days, almost four years.
Congress has failed to adequately address the problem by continuing
raise the debt limit and borrow more and more until we now have a $16.4
trillion national debt. Can we continue down this road and avoid bankruptcy?
You are familiar with the Tax Foundation's "Tax Freedom Day" -- the
date by which the average American has earned enough to pay his taxes
for the year. This year Tax Freedom Day finally arrived on April 17th.
To borrow a phrase from President Obama, let me be clear, on average
Americans, must use every penny they earned from January 1st until April
17th to pay their taxes for the year.
One of my favorite
economists, Professor Antony Davies, and his colleague, James R.
Harrigan, suggest we also celebrate what they call "Deficit Day" to
focus Americans' attention on the on fact that we are headed to bankruptcy. They explain it all in an excellent article they published at Real Clear Markets.
"Deficit
Day" is the date by which federal tax revenues run dry and the federal
government begins adding even more debt on top of our exploding $16 Trillion national debt. This year Deficit Day falls on September 10th.
According
to Davies and Harrigan, everything the government spends from now until
the end of the year will be borrowed. They say we haven't seen a
balanced budget since the Eisenhower administration:
Conventional
wisdom holds that the Clinton administration ran surpluses. But this is
a twisting of the facts. It is true that the debt held by the
public-which excludes money the government borrows from the Social
Security trust fund-declined by $433 billion from 1997 to 2001. But,
over those same years, the government borrowed $827 billion from the
Social Security trust fund. In other words, the only way to claim that
the Clinton administration ran surpluses is to admit that the government
has no intention of paying back that $827 billion it borrowed from
Social Security.
You wouldn't believe how broke the U.S. already is.
We simply cannot continue to tax and spend and borrow as we have. I
have previously written that Professor Davies calculates the debt and
unfunded obligations of the federal government to total $64.09 trillion.
An amount greater than the "economic output of the entire planet." That's right, the entire planet.
The Congress doesn't cut spending and balance the budget because they
can't. Not even if they remove every department and employee including
the military.
So says Hal Mason in the shocking accompanying video titled, "United States Budget Dilemma."
President Obama, in his proposed Fiscal Year 2013 budget,
would spend $3.8 trillion. But the federal government will only collect
$2.5 trillion in taxes, resulting in a deficit of $1.3 trillion. That
$1.3 trillion is an amount larger than Congress appropriates to operate
the federal budget.
The problem is easily stated; spending on
mandatory programs and interest is greater than taxes collected.
According to Mason, in order to balance the budget, Congress would have
to raise taxes 50 percent or eliminate the federal government.
You can watch the "United States Budget Dilemma" video here.
Congress
has failed to adequately address the problem by continuing raise the
debt limit and borrow more and more until we now have a $16 Trillion
national debt. $16 Trillion exceeds 100 percent of the nation's gross
domestic product and is 25 percent of the world's gross domestic
product. Worse the Democrat-controlled Senate hasn't even passed a
budget in over three years.
Back in February 2011, I wrote "Just How broke are we?"
about Duquesne University Economics Professor Antony Davies' analysis
about the debt and unfunded obligations of the federal government
totaling more than $64 Trillion. I asked Professor Davies about Molson's
video. He said the figures in the video match his calculations, which
are straightforward. Professor Davies agrees, mandatory spending
currently exceeds federal tax revenues, so shutting down the entirety of
what most people think of as "the government" will still not balance
the budget.
Professor Davies also explained that if current
trends continue the U.S. will become operationally bankrupt in 2037 and
will be actually bankrupt in 2047. And that ignores the potential effects of ObamaCare.
Bankruptcy occurs when the annual interest on the debt equals federal revenue. At this point, it becomes mathematically impossible for the government to avoid default.
Operational bankruptcy occurs when the annual interest on the debt equals federal revenue less discretionary spending. At this point, it becomes impossible for the government to fund anything other than mandatory spending (which includes welfare, Medicare and Medicaid, Social Security, veterans services, and interest on the debt). Under the Antideficiency Act, Federal agencies must cease operations (except in emergencies) when they lack funding.
There is no easy answer to our budget dilemma. We must reform
entitlements. As the Greek experience shows, any viable solution will be
painful for everyone.
At the request of Congress, the United States Department of Agriculture (USDA) has spent more than two billion dollars on the Market Access Program (MAP), a government program that uses your tax dollars to subsidize the advertising costs of profitable agriculture companies and trade associations doing business overseas. Many Americans might respond with disbelief that we are paying for private companies to market their products in the first place. That we are doing so overseas is even more troubling.
The most objectionable provision of the study found that your tax dollars are being used to market "livestock semen" at foreign trade show and exhibitions:
Taxpayers may be surprised to learn that their tax dollars are subsidizing, among other things, the marketing of livestock semen. According to an announcement from U.S. Livestock Genetics Export, Inc., group that received $1.1 million from the USDA in 2011, federal funds are available for "private livestock breeders, companies, or cooperatives interested in promoting livestock, semen, or embryo sales in international markets through December 31, 2010." The group also notes that the MAP funds partial reimbursement of "approved activities such as international advertising, the development, translation and distribution of promotional materials, and participation in foreign trade shows and exhibitions."
One Congressional Aid said that "this stimulus program is particularly popular with the livestock community." All kidding aside, when somebody tells you that there is no waste, fraud and abuse in the federal government, you can point to this one program as a shining example of government waste.
Other highlights of the Coburn report are $28 million to the Blue Diamond Growers to market almonds overseas, $60 million to California Wine Institute and $20 million to fund "Let's Design," a popular reality show in India created by the Cotton Council International.
A few million on silly programs, like using your tax dollars to market livestock semen, may sound like a drop in the bucket, yet it shows the reluctance of Congress and the President to go line by line in the federal budget to root out waste.
Crossroads Grassroots Policy Strategies has launched a new ad "Stopwatch," focused on the impact of President Obama's failure to reduce the national debt:
In the 30-odd seconds it takes to watch the ad, the national debt increases by $1.4 million.
Announcing the new ad, Steven Law, president of Crossroads GPS, said:
"While Europe is in the throes of debt-fueled economic crisis, President Obama keeps spending and charging more on the nation’s maxed-out credit cards. We want to encourage a serious debate on the national debt that transcends President Obama’s class-warfare tax hikes."
Crossroads is spending $7 million to air "Stopwatch" in Colorado, Florida, Iowa, Michigan, New Hampshire, Nevada, North Carolina, Ohio, Pennsylvania and Virginia.
Today, the national debt is $15,724,907,364,995.04. It was $10,626,877,048,913.08 when Obama became president. That is an increase of more than a five trillion dollars during in the forty months of the Obama presidency.
FY2009: The federal budget deficit was $1.413 trillion, the highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2011: The federal budget deficit was $1.299 trillion, the second highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2010: The federal budget deficit was $1.294 trillion, the third highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
The CBO projects the deficit at the end of Obama’s first term will be $1.253 trillion, Obama’s fourth straight trillion deficit. ("An Analysis Of The President’s 2013 Budget," Congressional Budget Office, 3/16/12)
You shouldn't be shocked by Obama's failure to reduce the deficit in half by the end of his first term in office. He did warn us there would be "trillion-dollar deficits for years to come."
It could have been even worse. According to the Washington Post's factchecker, every year President Obama has wanted to spend more money than Congress would allow.
In the weekly GOP address, Wisconsin's U.S. Ron Johnson takes the president to task for the failed Obama economic policies:
"We are all disappointed by the failure of President Obama’s economic policies… His budget busting stimulus plan grew government, grew our debt, but failed to grow our economy."
You can watch Senator Johnson's terrific address below:
Senator Johnson starts by noting that it has now been more than three years since Harry Reid’s Democrat-controlled do-nothing Senate passed a budget and points out that Obama has done nothing to encourage the Senate to pass a budget. This week in the Senate, the President's budget lost by a vote of 0 - 99. Last month, it failed in the House by a vote of 0 - 414. And last year, Obama's budget lost by a 0 - 97 vote in the Senate:
"This is a stunning repudiation of his leadership. At a time when America requires sober financial management, President Obama's fiscal plans have been so unserious, that not a single member his own party supported them with their vote.
Without a budget, is it any wonder that America's fiscal house is in total disarray?"
Not only did the Senate reject Obama's "unserious" budget, it also rejected four Republican alternative budgets.
In the second part of the weekly address, Senator Jonson talks about Obama's failed economic policies and how those policies have grown government, grown our debt, but have failed to grow our economy:
"Instead of concentrating on job creation, President Obama has concentrated on growing government and increasing its control over our lives.
[. . .]
The President and members of his Administration are true believers in big government. They point to the 46 million Americans now on food stamps as a metric of success. It is not. It is a metric of failure that highlights how his policies have not put Americans back to work.
Because of his policies, dependence on government has increased, and individual opportunity has declined."
Obama's policies have caused gas prices to more than double, increased the national debt by more than $5 trillion and failed to get unemployment below 8 percent.
Despite his promises to cut the deficit in half by the end of his "first" term, Obama has racked up the largest deficits in U.S. history:
FY2009: The federal budget deficit was $1.413 trillion, the highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2011: The federal budget deficit was $1.299 trillion, the second highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2010: The federal budget deficit was $1.294 trillion, the third highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
The CBO projects the deficit at the end of Obama’s first term will be $1.253 trillion, Obama’s fourth straight trillion deficit. ("An Anlysis Of The President’s 2013 Budget," Congressional Budget Office, 3/16/12)
You shouldn't be shocked by Obama's failure to reduce the deficit in half by the end of his first term in office. He did warn us there would be "trillion-dollar deficits for years to come."
Senator Johnson ends on an optimistic note calling this the “time to return to the values and principles that made this country great":
"I grew up in an America that valued hard work and celebrated success. America became the economic engine of the world, not because of government, but because millions of Americans had the freedom to pursue their dreams.
We can reclaim this heritage once again and build a society where hard work is rewarded and every American has the opportunity to succeed"
The full transcript of Senator Johnson's address follows:
"Hi, I’m Ron Johnson, from the great state of Wisconsin. 16 months ago, with no previous political experience, I began serving in Senator Harry Reid’s do-nothing Senate.
It is hard to convey how frustrating it has been.
My background is in accounting and manufacturing in the private sector. Like most Americans, I’m used to getting things done…producing results.
The American people understand that we are facing enormous economic challenges. And they’re looking for solutions, not political games.
They have every right to expect their elected officials to be responsible and accountable. We should be making the tough decisions, taking the hard votes, and developing real solutions to our nation's urgent problems.
But that's not what's happening in the United States Senate.
It has been over three years since the Senate passed a budget. Think about that. Even though families and most businesses produce budgets to help control their finances, the largest financial entity in the world is operating without one.
Why? Because Democrats in the Senate refuse to be held accountable. They either don't have a plan, or they simply do not want their fingerprints on one. Maybe that's because their plans generally rely on taking more money out of the pockets of hardworking American families.
Republicans have proven that we are willing to be held accountable. Since regaining a majority in the House, Republicans have fulfilled our responsibility every year by passing a budget. But so far, those good faith efforts have died in the Democrat-led Senate.
For his part, President Obama has done nothing to encourage the Senate to pass a budget. Just this week in the Senate, the President's budget lost by a vote of 0 - 99. Last month, it failed in the House by a vote of 0 - 414. And last year, his budget lost 0 - 97 in the Senate.
This is a stunning repudiation of his leadership. At a time when America requires sober financial management, President Obama's fiscal plans have been so unserious, that not a single member his own party supported them with their vote.
Without a budget, is it any wonder that America's fiscal house is in total disarray?
President Obama has submitted four budgets, but none of them ever included a plan to save Social Security or Medicare. These are important programs that millions of Americans rely on. Without reform, they will not survive. And yet President Obama offers no solutions.
And because of the exploding debt caused by his failed policies, Americans are suffering every day from a faltering economy, and the prospects for our children and grandchildren are being diminished.
If you’re concerned about the financial future of America, these are not encouraging results.
We all want to see America prosper. We all want every American to have an equal opportunity to build a good life for themselves and their family.
And we are all disappointed by the failure of President Obama’s economic policies.
President Obama promised far more. If we had only known that at this point during his term in office:
-Average gas prices would more than double,
-Our nation’s debt would increase by $5.3 trillion,
-And unemployment would never fall below 8%.
Instead of concentrating on job creation, President Obama has concentrated on growing government and increasing its control over our lives.
His budget busting stimulus plan grew government, grew our debt, but failed to grow our economy.
President Obama then turned his attention to taking over 1/6 of our economy. He promised his healthcare plan would lower family premiums by $2,500 per year, but instead, they have increased by $2,300.
The President and members of his Administration are true believers in big government. They point to the 46 million Americans now on food stamps as a metric of success. It is not. It is a metric of failure that highlights how his policies have not put Americans back to work.
Because of his policies, dependence on government has increased, and individual opportunity has declined.
The social welfare economic model of Europe is collapsing. Countries like Greece have made promises to their citizens that they simply cannot afford. President Obama has put this country on the exact same path.
We can do better than this. America should do better.
It is time to return to the values and principles that made this country great. I grew up in an America that valued hard work and celebrated success. America became the economic engine of the world, not because of government, but because millions of Americans had the freedom to pursue their dreams.
We can reclaim this heritage once again and build a society where hard work is rewarded and every American has the opportunity to succeed.
Republicans are ready, willing, and able to lead this noble effort.
Speaking in Des Moines, Iowa this afternoon, Romney took President Obama to task for his incessant spending and borrowing:
"Today America faces a financial crisis of debt and spending that threatens what it means to be an American. Here in the heartland you know in your hearts that it’s wrong. We can’t spend another four years talking about solving a problem that we only make worse every day. When the men and women who settled the Iowa prairie saw a fire in the distance, they didn’t look around for someone else to save them or go back to sleep hoping the wind might blow another direction. They knew their fate was in their hands and so it is today. A prairie fire of debt is sweeping across Iowa and our nation and every day we fail to act we feed that fire with our own lack of resolve."
Romney went on to hit Obama for the so-called stimulus, the ever unpopular ObamaCare and the more than five trillion dollars the Obama deficits have added to the national debt:
"President Obama started his days in office with the trillion-dollar stimulus package – the biggest, most careless one-time expenditure by the federal government in history. And remember this: the stimulus wasn’t just wasted – it was borrowed and wasted. We still owe the money, we’re still paying interest on it, and it’ll be that way long after this presidency ends in January.
Then there was Obamacare. Even now nobody knows the exact cost of that new program. And that uncertainty has done great harm to our economy. Employers aren’t hiring, entrepreneurs are worried, all because of a massive, European-style entitlement that Americans didn’t want and can’t afford.
Through his own decisions, this President has added more than five trillion dollars to the national debt, which now stands at 15.7 trillion dollars."
Then Romney promised to lead us out of this debt and spending crisis:
"As president, I will approach debt and spending differently. My time spent building businesses and leading state government taught me that we need to hold every department and agency to a simple test: If something can be done better and more efficiently outside the federal government, then that’s where it belongs. Wherever we have the option of returning functions back to the states, to local governments, or, better still, to the private sector, that’s what we will do. We will make the federal government simpler, smaller, smarter – and, by the way, more in keeping with the vision of the Framers of our Constitution."
The excerpts are from Mitt Romney’s speech as prepared for delivery. The entire transcript is available here.
Last month the Romney campaign released a video highlighting President Obama's broken promises on spending, deficits and the national debt. You can watch the "Broken Promises: Spending" video below.
Today the national debt is 15,674,182,767,474.36 or $15.7 trillion, it was when President Obama took office it was $10,626,877,048,913.08 or $10.6 trillion.
In 2004, when the deficit was $413 billion and the national debt was $7,419,244,676,835.15 or $7.4 trillion, Obama said the "monstrous federal deficit" was an "enormous problem." On July 3, 2008, presidential candidate Obama said that adding $4 trillion in debt was "irresponsible" and "unpatriotic." Nevertheless, President Obama added more than $5 trillion to the national debt in three years.
President Obama has promised to cut the deficit in half by the end of his first time at least five times:
February 23, 2009: Obama Pledges to cut the deficit in half by the end of his first term in office.
February 24, 2009: Obama pledges to cut the deficit in half by the end of his first term in office.
May 26, 2009: Obama pledges to cut the deficit in half by the end of his first term in office
December 8, 2009: Obama pledges to cut the deficit in half by the end of his first term in office.
February 14, 2011: Obama pledges to cut the deficit in half by the end of his first term in office.
Despite those promises Obama has racked up the largest deficits in U.S. history:
FY2009: The federal budget deficit was $1.413 trillion, the highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2011: The federal budget deficit was $1.299 trillion, the second highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
FY2010: The federal budget deficit was $1.294 trillion, the third highest in U.S. history. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
The CBO projects the deficit at the end of Obama’s first term will be $1.253 trillion, Obama’s fourth straight trillion deficit. ("An Anlysis Of The President’s 2013 Budget," Congressional Budget Office, 3/16/12)
You shouldn't be shocked by Obama's failure to reduce the deficit in half by the end of his first term in office. He did warn us there would be "trillion-dollar deficits for years to come."
As you pay your taxes to the Obama regime consider some what you are getting for your money:
Billions of wasted dollars in Solyndra-like "green energy" loans.
$820,000 for a General Services Administration (GSA) "conference" in Las Vegas, complete with mind-readers and clowns.
Week long trips to Hawaii for government bureaucrats to attend a single one hour ribbon cutting.
The folks at The American Future Fund produced a video that highlights these Obama administration scandals:
When President Obama is asked about such scandalous spending he responds:
"This is a pretty big government."
Obama takes a much different approach to responsibility than Harry "the buck stops here" Truman.
Remember that regardless of all the taxes we turn over to Obama and company today, it doesn't come close to paying for his unprecedented spending. Forty cents of every dollar the Obama government spends is borrowed and will burden our children and grand children.
When Obama took office the national debt was $10,626,877,048,913.08 or $10.6 Trillion -- a $4.4 trillion (41.5%) increase during the Obama Presidency.
On July 3, 2008, Presidential candidate Obama said that adding $4 trillion in debt was "irresponsible" and "unpatriotic." Watch the video.
It should be noted that Obama of course got his facts wrong when he falsely claimed President Bush increased the national debt by $4 trillion "by his lonesome." When Speaker Pelosi took over Congress on January 3, 2007, the national debt was $8.7 trillion. So the Democrats must get some of the credit for one of the four trillion candidate Obama tried to blame on Bush.
President Obama promised to cut the deficit in half by the end of his term:
“And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office.” (President Barack Obama, Remarks at the Fiscal Responsibility Summit, Washington, D.C., 2/23/09)
Obama Broke His Promise To Cut The Deficit In Half:
“President Barack Obama Plans To Cut The U.S. Budget Deficit To $533 Billion By The End Of His First Term …” “President Barack Obama plans to cut the U.S. budget deficit to $533 billion by the end of his first term by increasing taxes on the wealthy and cutting spending for the war in Iraq, according to an administration official. Obama wants to reduce the deficit because he’s concerned that over time, federal borrowing will make it harder for the U.S. economy to grow and create jobs, said the official, speaking on the condition of anonymity.”(Hans Nichols, “Obama Plans To Reduce Budget Deficit To $533 Billion By 2013,” Bloomberg, 2/21/09)
Even If Every Part Of Obama’s Deficit Reduction Proposal Was Enacted, The Deficit At The End Of His First Term Would Still Be $1.33 Trillion, Over Double What He Promised. (“The President’s Plan For Economic Growth And Deficit Reduction; Table S-3,” Office of Management and Budget, 9/19/11)
Treasury Secretary Timothy Geithner Said Even If Congress Enacted The President’s Budget “We Would Still Be Left With A Very Large Interest Burden And Unsustainable Obligations Over Time.” GEITHNER: ““You’re absolutely right that with the president’s plan, even if Congress were to enact it, and even if Congress were to hold to it and reduce those deficits to three percent of GDP over the next five years, we would still be left with a very large interest burden and unsustainable obligations over time.” (Treasury Secretary Timothy Geithner, Remarks Before Senate Budget Committee, Washington, D.C., 2/17/11)
Obama Racked Up Three Record Deficits:
Even though tax revenues were up 21% in fiscal year 2011 over fiscal year 2010, Obama's ever increasing spending resulted in the third highest deficit in the last 65 years:
FY2011’s Budget Deficit Was The Third Highest In The Last 65 Years, Behind Obama’s Previous Two Record Deficits. “At 8.5 percent of gross domestic product (GDP), the $1.3 trillion budget deficit that the Congressional Budget Office (CBO) projects for 2011 will be the third-largest shortfall in the past 65 years (exceeded only by the deficits of the preceding two years).” (“The Budget And Economic Outlook: An Update,” Congressional Budget Office, 8/24/11
FY2009: The Federal Budget Deficit Was $1.416 Trillion, The Highest In U.S. History. (“Monthly Budget Review: Fiscal Year 2010,” Congressional Budget Office, 10/7/10)
FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: Fiscal Year 2011,” Congressional Budget Office, 10/7/11)
FY2010: The Federal Budget Deficit Was $1.291 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: Fiscal Year 2010,” Congressional Budget Office, 10/7/10
How much is $15 trillion?:
$15 Trillion Is More Than The Value Of All The Goods And Services Produced In The United States Last Year. (“Gross Domestic Product,” Bureau Of Economic Analysis, BEA.gov, Accessed 11/3/11)
15 Trillion One-Dollar Bills Would Wrap Around The Earth’s Equator Over 58,000 Times. (“Earth: Facts & Figures,” NASA, Accessed 11/3/11)
In FY2010, The Bureau Of Engraving And Printing Produced $974 Million Worth Of Currency. At That Rate, It Would Take 15,400 Years To Print $15 Trillion. (“Annual Production Figures,” Bureau of Engraving And Printing, Accessed 11/3/11)
It Would Take The Average Household Over 300 Million Years To Pay Off The National Debt On Their Own.(Press Release, “Income, Poverty and Health Insurance Coverage in the United States: 2010,” US Census Bureau, 9/13/11)
To Pay Off $15 Trillion In Debt, The Federal Government Would Have To Devote Every Dollar Of Revenue To Paying Off The Debt For 6.5 Years. (“Monthly Budget Review,” Congressional Budget Office, 10/7/11)
Can we afford another five years of the tax too much, borrow too much and spend too much Obama regime?
Senate Democrats gamed Republicans and saved their unpopular President from issuing a veto to get his request for another $500 billion in the national debt.
Last night, after the Obama's "pass this bill" speech, 52 Senate Democrats voted not to consider the Resolution disapproving President Obama's request to increase the national debt.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves of the President's exercise of authority to increase the debt limit, as exercised pursuant to the certification under section 3101A(a) of title 31, United States Code.
One Democrat, Sen. Ben Nelson (Neb.), voted with the Republicans. Two Republicans, Sens. Bob Corker (Tenn.) and Scott Brown (Mass.), voted with the Democrats.
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