It’s Official…Obama Has Now Borrowed $3 Trillion

Discussion in 'Politics' started by bugscoe, Oct 19, 2010.

  1. Maverick74

    Maverick74

    Not a single fact in your post. You obviously are having trouble quickly reading your google search. The President does not, has not, nor will he ever write a budget. It's not in the f*cking constitution! He can submit all the proposals he wants. He is not going to get them!
     
    #11     Oct 19, 2010
  2. National Debt Up $3 Trillion on Obama's Watch
    Posted by Mark Knoller
    October 18, 2010 3:46 PM

    New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

    The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

    The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.

    Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.

    "By the time I got into office we already had a $1.3 trillion deficit and we had exploded the national debt," he said last month during one of his backyard chats with Americans.

    Just last Friday, the Treasury Department portrayed it as good news when it reported that the federal deficit in the fiscal year that ended September 30th was $1.294 trillion. That's less than the $1.416 trillion deficit accrued in 2009 - the largest federal deficit ever recorded. It was also less than the $1.556 trillion that had been initially projected for 2010.

    The soaring deficit and Debt is one of the reasons Mr. Obama is adamantly opposed to extending tax cuts for Americans earning over $250,000 a year.

    The ten year cost would total $700-billion and Mr. Obama says it would needlessly add to the deficit and Debt.

    "And then we've got to pay interest to China or whoever else is willing to buy our debt," he repeatedly argued in recent weeks.

    President Obama and Congress await recommendations on ways to reduce federal deficits from the National Commission on Fiscal Responsibility and Reform.

    The 18-member panel will report December 1st - after the midterm election.

    The Commission, chaired by Democrat Erskine Bowles and Republican Alan Simpson, was established by Mr. Obama to provide recommendations on how to "put the budget into primary balance, meaning that the federal government will pay for all of its programmatic obligations."

    The federal budget was last in balance from 1998 to 2001.
     
    #12     Oct 19, 2010
  3. Miracle Worker: Obama Matches 214 Years Worth of US Debt in Less Than 24 Months
    By Doug Powers • October 18, 2010 10:45 PM

    President Obama, assisted by his willing accomplices in Congress who have helped swipe the national credit card like giddy teenage girls at the mall with daddy’s Visa, have made history.

    From CNS News:
    Republicans are far from removed from guilt when it comes to debt accumulation over the decades, but one thing’s for certain: The GOP’s Slurpees and lattes over the years have cost far less than Obama’s alleged attempt to get the car out of the ditch.

    Fortunately the country has a lot to show for this new debt (I’m selling long on sarcasm and short on Hope & Change, in case that isn’t obvious).
     
    #13     Oct 19, 2010
  4. Clearly you have your GED in constitutional law.
     
    #14     Oct 19, 2010


  5. Except that the entire first year of his budgeting was actually done under Bush. Maverick wants to pretend that congress sits down and writes budgets rather than amendments, but even pretending that he's right, which he isn't, it was up to Bush to sign it or not sign it.

    Would you like me to post the video of Bush announcing the TARP bailouts, or Bush announcing the GM bailouts?
     
    #15     Oct 19, 2010
  6. <IMG SRC=http://research.stlouisfed.org/fred2/graph/fredgraph.png?&chart_type=line&graph_id=&category_id=&recession_bars=On&width=480&height=288&bgcolor=%23B3CDE7&graph_bgcolor=%23FFFFFF&txtcolor=%23000000&ts=8&preserve_ratio=true&fo=ve&id=GEXPND,GRECPT&transformation=lin,lin&scale=Left,Left&range=5yrs,5yrs&cosd=2005-04-01,2005-04-01&coed=2010-04-01,2010-04-01&line_color=%230000FF,%23FF0000&link_values=,&mark_type=NONE,NONE&mw=4,4&line_style=Solid,Solid&lw=1,1&vintage_date=2010-10-17,2010-10-17&revision_date=2010-10-17,2010-10-17&mma=0,0&nd=,&ost=,&oet=,&fml=a,a>

    Amazing, govt expenditures are on the same trendline yet there is all this hype of Obama's massive govt spending. The revenue side is the problem as always in a recession or in this case, Generalissimo Bush's Great Recession.
     
    #16     Oct 19, 2010
  7. Lucrum

    Lucrum

    That Darn George Bush!!

    Here's an opinion piece by Chuck Green who writes "Greener Pastures" for the Denver Post Aurora Sentinel...one of the more liberal papers in the country. Additionally, Mr. Green is a life long Democrat...so this is rather a stunning piece...

    Obama is victim of Bush's failed promises
    Greener Pastures Column -- 5/ 15/10


    Barack Obama is setting a record-setting number of records during his first year in office.

    Largest budget ever. Largest deficit ever. Largest number of broken promises ever. Most self-serving speeches ever. Largest number of agenda-setting failures ever. Fastest dive in popularity ever.

    Wow! Talk about change.

    Just one year ago, fresh from his inauguration celebrations, President Obama was flying high. After one of the nation's most inspiring political campaigns, the election of America 's first black president had captured the hopes and dreams of millions. To his devout followers, it was inconceivable that a year later his administration would be gripped in self-imposed crisis.

    Of course, they don't see it as self-imposed. It's all George Bush's fault.

    George Bush, who doesn't have a vote in Congress and who no longer occupies the White House, is to blame for it all.

    He broke Obama's promise to put all bills on the White House web site for five days before signing them.

    He broke Obama's promise to have the congressional health care negotiations broadcast live on C-SPAN.

    He broke Obama's promise to end earmarks.

    He broke Obama's promise to keep unemployment from rising above 8 percent.

    He broke Obama's promise to close the detention center at Guantanamo in the first year.

    He broke Obama's promise to make peace with direct, no precondition talks with America 's most hate-filled enemies during his first year in office, ushering in a new era of global cooperation.

    He broke Obama's promise to end the hiring of former lobbyists into high White House jobs.

    He broke Obama's promise to end no-compete contracts with the government.

    He broke Obama's promise to disclose the names of all attendees at closed White House meetings.

    He broke Obama's promise for a new era of bipartisan cooperation in all matters.

    He broke Obama's promise to have chosen a home church to attend Sunday services with his family by Easter of last year.

    Yes, it's all George Bush's fault. President Obama is nothing more than a puppet in the never-ending failed Bush administration.
    If only George Bush wasn't still in charge, all of President Obama's problems would be solved. His promises would have been kept, the economy would be back on track, Iran would have stopped its work on developing a nuclear bomb and would be negotiating a peace treaty with Israel . North Korea would have ended its tyrannical regime, and integrity would have been restored to the federal government.

    Oh, and did I mention what it would be like if the Democrats, under the leadership of Nancy Pelosi and Harry Reid, didn't have the heavy yoke of George Bush around their necks? There would be no ear marks, no closed-door drafting of bills, no increase in deficit spending, no special-interest influence (unions), no vote buying (Nebraska, Louisiana).

    If only George Bush wasn't still in charge, we'd have real change by now.

    All the broken promises, all the failed legislation and delay (health care reform, immigration reform) is not President Obama's fault or the fault of the Democrat-controlled Congress. It's all George Bush's fault.

    Take for example the decision of Eric Holder, the president's attorney general, to hold terrorists' trials in New York City . Or his decision to try the Christmas Day underpants bomber as a civilian.

    Two disastrous decisions.

    Certainly those were bad judgments based on poor advice from George Bush.

    Need more proof?

    You might recall that when Scott Brown won the election to the U.S. Senate from Massachusetts , capturing "the Ted Kennedy seat", President Obama said that Brown's victory was the result of the same voter anger that propelled Obama into office in 2008. People were still angry about George Bush and the policies of the past 10 years. And they wanted change.

    Yes, according to the president, the voter rebellion in Massachusetts was George Bush's fault.

    Therefore, in retaliation, they elected a Republican to the Ted Kennedy seat, ending a half-century of domination by Democrats. It is all George Bush's fault.

    Will the failed administration of George Bush ever end, and the time for hope and change ever arrive?

    Will President Obama ever accept responsibility for something... - anything?

    (Chuck Green is a veteran Colorado journalist and former editor-in-chief of The Denver Post.)
     
    #17     Oct 19, 2010
  8. I like the fact that Obama reduced earmarks and restricted lobbyists even though he didn't do it perfectly, and you have an uphill battle to convince me that I should vote for the party that promised none of this and opposed all of it.
     
    #18     Oct 19, 2010
  9. Lucrum

    Lucrum

    We get it dave. Trust me we do.
     
    #19     Oct 19, 2010
  10. Arnie

    Arnie

    Barry, I'm sorry, but as a resident of Vancouver, you can't vote in US elections. :D
     
    #20     Oct 19, 2010