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Elections, Politics

Debt Vote an Indictment of Obama’s Reckless Spending Binge

Posted: January 17, 2012 at 2:02 pm   /   by

This week the House of Representatives will vote on a resolution to disapprove of the Obama administration’s request for an increase in the nation’s debt ceiling – another “sign of leadership failure,” in the president’s own words.

The vote itself is an indictment of the administration’s reckless spending binge that has driven America’s economy down a disastrous fiscal path and hurt job creation at a critical time for middle-class families and small businesses. Here’s a closer look:

$15.24 Trillion: The National Debt as of January 11, 2012. (U.S. Treasury Department, Accessed 1/16/12) 

$4.6 Trillion: Amount That Has Been Added to the National Debt Since President Obama Took Office, “The Most Rapid Increase in the Debt Under Any U.S. President.” (U.S. Treasury Department, Accessed 1/16/12; CBS News, 8/22/11) 

During President Obama’s Time in Office, Washington Has Racked Up the Three Largest Deficits in U.S. History:

100.004%: Current Federal Debt as a Share of GDP. (U.S. Treasury Department, Accessed 1/16/12; Bureau of Economic Analysis, 12/22/11)

25%: Increase in Non-Defense Discretionary Spending by President Obama When Democrats Controlled both Houses of Congress. (House Budget Committee, 2/3/11)

  • 84%: Increase in Non-Defense Discretionary Spending If You Include the ‘Stimulus.’  (House Budget Committee, 2/3/11)

$48,699: Every American’s Share of the National Debt. (U.S. Treasury Department, Accessed 1/16/12; U.S. Census Bureau, Accessed 1/16/12)

40 Cents: Amount Borrowed from Future Generations for Every New Dollar of Government Spending. (Congressional Budget Office, 10/7/11)

$8.7 Trillion:Amount of New Spending President Obama Proposed in His FY12 Budget. (House Budget Committee, 2/14/11)

$26.3 Trillion: Projected Debt at the End of the Decade Under President Obama’s FY12 Budget. (House Budget Committee, 2/14/11)

More Than $1 Trillion: Cost of President Obama’s Failed ‘Stimulus,’ with Interest Payments. (House Budget Committee, 12/18/09)

39: Number of Consecutive Months the U.S. Has Run a Deficit. (The Washington Times, 1/9/11)

With his upcoming budget, which is due on February 6, President Obama has a new opportunity to offer a serious, credible plan to put America back on a sustainable fiscal path.  Unfortunately, it seems the president is instead planning to “recycle” old proposals that have already been rejected.  President Obama says “we can’t wait” to put Americans back to work, but Washington Democrats’ refusal to cut spending and make tough choices is only adding to the uncertainty hampering private-sector job creation.  The 13 million unemployed Americans “can’t wait” another 1,000 days for Democrats to get serious about addressing the spending-driven debt crisis.


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Debt Vote an Indictment of Obama's Reckless Spending Binge