How much has Obama added to the National Debt?

Discussion in 'Politics' started by get_involved, Sep 8, 2010.

  1. get_involved
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    get_involved Gold Member

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  2. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Last I checked 3 trillion was the number, in less then 2 years.
     
  3. Charles_Main
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    Charles_Main AR15 Owner

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    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.
     
  4. Londoner
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    Londoner Gold Member

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    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.
     
  5. Charles_Main
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    Charles_Main AR15 Owner

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

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    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.
     
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  7. shintao
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    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.
     
    Last edited: Sep 9, 2010
  8. get_involved
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    get_involved Gold Member

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    We shouldn't have Obama.
     
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  9. shintao
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    shintao Take Down ~ Tap Out

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    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.
     
  10. skookerasbil
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    skookerasbil Gold Member

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

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