Preacher
Gold Member
This doesn't belong in CT but I know the non critical thinking folks would move it here or get it moved here eventually. So went ahead and posted it here to save the trouble.
Lucy Hamilton 9/11 inside job
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At the close of business on Monday, July 18, the total federal debt was $19,391,094,247,028.26, according to the Treasury. By the close of business on Tuesday, July 19, it had risen to $19,402,361,890,929.46. On Friday, Oct. 30, 2015, Congress passed the “Bipartisan Budget Act,” which suspended the legal debt limit until March 15, 2017. President Obama signed that bill into law on Monday, Nov. 2, 2015. At the close of business on Oct. 30, the federal debt stood at $18,152,981,685,747.52.
In the less than nine months since then, the federal debt has increased by $1,249,380,205,181.94. Title IX of the Bipartisan Budget Act is entitled “Temporary Extension of Public Debt Limit.” The Congressional Research Service summary explains that part of the law this way: “The public debt limit is suspended through March 15, 2017. On March 16, 2017, the limit is increased to accommodate obligations issued during the suspension period.”
Prior to President Obama signing the Bipartisan Budget Act, the Treasury had been in a "debt issuance suspension period" that Treasury Secretary Jacob Lew had declared on March 16, 2015. During that "debt issuance suspension period" the Treasury took what it calls "extraordinary measures" to prevent the debt from exceeding what was then the legal limit.
Federal Debt Tops $19,400,000,000,000
On Jan. 20, 2009, when Obama was inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to data published by the U.S. Treasury. As of the close of business on Friday, Sept, 30, the last day of fiscal 2016, the total federal debt was $19,573,444,713,936.79. At that point, the total federal debt had increased under Obama by $8,946,567,665,023.71. On Monday, Oct. 3, the first business day of fiscal 2017, the total federal debt closed at $19,642,949,742,561.51. At that point, the debt had increased under Obama by $9,016,072,693,648.43 from the $10,626,877,048,913.08 it stood at on the day of Obama’s inauguration.
As of the close of business, on Wednesday, Oct. 5—the latest day for which the Treasury has reported—the total federal debt was $19,663,411,497,797.40. That means that so far in Obama’s presidency, the federal debt has increased $9,036,534,448,884.32. Given that there were 118,215,000 households in the United States in June (the latest estimate from the Census Bureau), the $9,036,534,448,884.32 increase in the federal debt under Obama so far equals approximately $76,442 per household.
The Treasury divides the total debt into two major parts: "debt held by the public" and "intragovernmental debt." Debt held by the public are U.S. government securities—including bills, notes and bonds—held by individuals and institutions outside the U.S. government. Intragovernmental debt is the money that the Treasury has borrowed and spent out of federal government trust funds such as those for the Social Security program. According to the Treasury, during Obama’s time in office so far, the "debt held by the public" has climbed from $6,307,310,739,681.66 on Jan, 20, 2009 to $14,170,897,492,757.91 on Oct. 5, 2015. That is an increase of $7,863,586,753,076.25—or about 125 percent. The amount that President Obama has increased the total federal debt so far--$9,036,534,448,884.32—is $4,137,434,138,275.88 more (or 84 percent more) than President George W. Bush increased the debt during his full eight years in office.
When President George W. Bush took office on Jan. 20, 2001, the total federal debt was $5,727,776,738,304.64. During his eight years as president it increased by $4,899,100,310,608.44 to $10,626,877,048,913.08 It took the United States, which declared independence in 1776, 231 years to accumulate its first $9,000,000,000,000 in debt—with the debt first surpassing that level on the last day of August 2007. On August 31, 2007, the total federal debt was $9,005,648,561,262.70, Since then it has grown by $10,657,762,936,534.70 (or approximately 118 percent) to the current level of $19,663,411,497,797.40
Debt Under Obama Up $9,000,000,000,000
This doesn't belong in CT but I know the non critical thinking folks would move it here or get it moved here eventually. So went ahead and posted it here to save the trouble.
Lucy Hamilton 9/11 inside job