The U.S. national debt now exceeds $15 trillion.
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-elect Obama warned us when he predicted "trillion-dollar deficits for years to come."
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)