**Written by Doug Powers
According to Mark Knoller at CBS News, the inevitable is official: The national debt has increased more in President Obama’s just over three years in office than during eight years of George W. Bush:
The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.
The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.
Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.
The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.
If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.
That’s quite a big part of the road we’ve traveled and yet Tom Hanks didn’t mention it once in The Road We’ve Traveled?
Here’s an administration goal that is still posted on the White House website:
•Cut the deficit in half by the end of the President’s first term. On January 20, 2009, the President inherited a $1.3 trillion budget deficit. The President has put forth a budget that will halve this deficit by the end of his first term, bring non-defense discretionary spending to its lowest level as a share of GDP since 1962.
Adding less than this amount of debt used to be an “unpatriotic” act:
**Written by Doug Powers
Twitter @ThePowersThatBeblog comments powered by Disqus
September 19, 2012 05:05 PM by Doug Powers
January 14, 2013 03:32 PM by Doug Powers
May 24, 2012 04:33 PM by Doug Powers
January 13, 2013 11:34 AM by Doug Powers
November 9, 2012 11:24 AM by Doug Powers
Daily Caller» Cuomo to N.Y. Sheriffs: Keep quiet about gun law
Daily Caller» Former Bush attorney general: Special prosecutor to investigate IRS a ‘lousy idea’ [VIDEO]
Green Room» Coming soon: The 3-D pizza printer
Gay Patriot» Let’s Help The Dogs of Oklahoma City!
Daily Caller» Rubio should renounce his Gang of Eight membership
Gay Patriot» Spike of Gay-Bashings in NYCcity whose mayor seeks to limit our means of self-defense
Gay Patriot» This morning’s Obama scandal news
Green Room» Confirmed: “GIF” is pronounced with a soft “G”