How much has Obama added to the National Debt?

[get_involved]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data

Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined!

http://img37.imageshack.us/img37/2950/20100825cjxrw.jpg

 

[RetiredGySgt]

Last I checked 3 trillion was the number, in less then 2 years.

 

[Charles_Main]

The figures that say it is more than all the presidents before him combined are figuring in Future Debt Obligations that Obama has set us up to face.

3 Trillion is the actual number added so far.

 

[Londoner]

Speaking at a retreat for House Republicans in Baltimore on Jan. 29, 2010, Obama was particularly critical of a question from Rep. Jeb Hensarling of Texas. Hensarling asked Obama, "You are soon to submit a new budget, Mr. President. Will that new budget, like your old budget, triple the national debt and continue to take us down the path of increasing the cost of government to almost 25 percent of our economy?"

"The fact of the matter is," Obama replied, "is that when we came into office, the deficit was $1.3 trillion -- $1.3 trillion. So when you say that suddenly I've got a monthly deficit that's higher than the annual deficit left by Republicans, that's factually just not true, and you know it's not true. And what is true is that we came in already with a $1.3 trillion deficit before I had passed any law. What is true is, we came in with $8 trillion worth of debt over the next decade."

We checked Hensarling's claim in a separate item. Here, we'll look at Obama's claim that he came into office with a $1.3 trillion deficit and $8 trillion worth of debt over the next decade.

On Jan. 7, 2009, two weeks before Obama took office, the Congressional Budget Office reported that the deficit for fiscal year 2009 was projected to be $1.2 trillion. The 10-year projection was estimated to be about $3.1 trillion. So Obama's number was very close on the 2009 deficit -- he said $1.3 trillion -- but substantially different from the 10-year projection -- he said $8 trillion.

There are two reasons why he differs from the CBO. On the difference between the $1.2 trillion and the $1.3 trillion, the Obama administration credited a small portion of spending on its watch to policies of the previous administration. The reason for this is that the federal government runs on a fiscal year that starts Oct. 1, so Bush and Obama technically split responsibility for 2009 spending.

The large difference on the 10-year projection has to do with Bush administration tax cuts. The CBO creates its estimates based on current law, which means the CBO assumes that the Bush tax cuts will end in 2010 and everyone will start paying higher taxes in 2011 and going forward. The Obama administration, on the other hand, assumed in its baseline that those tax cuts would be renewed.

Economists we spoke with -- Josh Gordon, policy director for the Concord Coalition, and Brian Riedl, lead budget analyst of the conservative Heritage Foundation -- both said they believe the White House approach is more realistic because it assumes current policy will continue.

So the CBO's estimate is $5 trillion lower than the White House numbers, though economists don't quibble with the White House methodology. It does highlight, however, that when it comes to budget projections, people can have differences of opinion about what to include. In any budget projection there is room for interpretation, but it seems reasonable to assume for a baseline that the Bush tax cuts will continue. Obama's numbers are fairly solid, so we rate his statement Mostly True.

 

[Charles_Main]

Bush ran that size Deficit ONCE, Obama admits his will be nearly that big for the next 10 years.

 

[Londoner]

Odd. the reason that Obama's projections are so much higher than the CBO's: the Bush Tax cuts, which the CBO assumed would be discontinued, as planned, but which the Obama team has priced into the 10 year projection. You would think that Obama would assume the tax cuts would be discontinued, so he could report a lower projected deficit.

And let's not even talk about the war, which he took from the dark corners of "emergency spending" and priced into the budget. He needs to get wise like Bush and hide things that make the deficit look bigger.

 

[shintao]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data[/url]

And so what is your point?

1.We shouldn't have tax cuts.
2.We shouldn't have wars.
3.We shouldn't bail out corporations.
4.We shouldn't have subsidies, bonuses.
5.We shouldn't allow republicans in DC.

 

[get_involved]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data[/url]

And so what is your point?

1.We shouldn't have tax cuts.
2.We shouldn't have wars.
3.We shouldn't bail out corporations.
4.We shouldn't have subsidies, bonuses.
5.We shouldn't allow republicans in DC.

We shouldn't have Obama.

 

[shintao]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data[/url]

And so what is your point?

1.We shouldn't have tax cuts.
2.We shouldn't have wars.
3.We shouldn't bail out corporations.
4.We shouldn't have subsidies, bonuses.
5.We shouldn't allow republicans in DC.

We shouldn't have Obama.

You should have told Limbaugh that, back when he was urging republicans to support Obama over Hillary in the primaries. Now you are down to impeachable offenses, and I don't see any in the near future.

 

[skookerasbil]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data[/url]

And so what is your point?

1.We shouldn't have tax cuts.
2.We shouldn't have wars.
3.We shouldn't bail out corporations.
4.We shouldn't have subsidies, bonuses.
5.We shouldn't allow republicans in DC.

LOL............you can always tell the forum members who have no real responsibilities. Just dont let them anywhere near your family finances!!

 

[edthecynic]

CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov?t Data

Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined!

http://img37.imageshack.us/img37/2950/20100825cjxrw.jpg

Let's see, if you back out the interest on the 8 trillion in debt run up by Reagan, Bush I and Bush II, the 2 Bush wars, the Bush drug plan and the Bush tax cuts, Obama has no debt at all!!!!!

 

[Mr. Shaman]

How much has Obama added to the National Debt?

"conservatives" would prefer to make the Minimum Monthly Payments, right??

​

 

[Mr. Shaman]

The big question is: Why is the entire Obama adminisration made up of Wall Street execs.....

That's bullshit.

You're thinking of BUSHCO.

Try to catch-up..... ​

 

[SFC Ollie]

How much has Obama added to the National Debt?

"conservatives" would prefer to make the Minimum Monthly Payments, right??

​

Actually we would prefer to cut up the card........ Instead of adding a few new ones..

 

[skookerasbil]

Hey.........anybody get aload of the new poll #'s today out on Rasmussen?? Yuk.......yuk.............

New loooooooooooooooooowwwwwwwwww!!!!!




41% Approval!!!


This is historic...........nobody in the history of the world has taken such a plunge at such a precipitous rate!!! Every time this guy goes out and does a speech, he loses another point in the polls!!!

So pardon me here if I gloat just a bit...............................



Lets see what Simon has to say about November.........................

w0w........talk about a reversal in fortune.........and in only 19 months


Gotta ask Abagail to weigh in on the liberal point of view given this new # from Rasmussen..................

Thanks Abbey..............these are good times to be a conservative in this country!!! The blogs are a fcukking hoot!!!!

 

[Mr. Shaman]

How much has Obama added to the National Debt?

"conservatives" would prefer to make the Minimum Monthly Payments, right??

​

Actually we would prefer to cut up the card........ Instead of adding a few new ones..

Agreed!!!!

What....you prefer (instead) to file Bankruptcy against this one??

 

[SFC Ollie]

Daily Presidential Tracking Poll - Rasmussen Reports


But that's Rasmussen.....

LOL



Gotta love those numbers. How many times has he been to Ohio to campaign this year so far? It don't work......

 

[skookerasbil]

 

[LibocalypseNow]

Pretty sad & shocking stuff. The Socialists/Progressives have completely sunk so many future generations.

 

[Charles_Main]

Odd. the reason that Obama's projections are so much higher than the CBO's: the Bush Tax cuts, which the CBO assumed would be discontinued, as planned, but which the Obama team has priced into the 10 year projection. You would think that Obama would assume the tax cuts would be discontinued, so he could report a lower projected deficit.

And let's not even talk about the war, which he took from the dark corners of "emergency spending" and priced into the budget. He needs to get wise like Bush and hide things that make the deficit look bigger.

With our with out the tax cuts, Obama's deficits for the next 10 Years will still all be in the top 10 Highest ever. According to his own projections.

Chew on that.