The national debt is set to double by the time President Barack Obama
leaves office, if it continues to increase at the current rate.
In January 2009, when Obama began his first term, the federal debt was $10.6 trillion. As of this week it has increased 57 percent to $16.7 trillion, The Washington Times reported.
As Congress is faced with raising the debt ceiling by Oct. 17 or letting the government default on its bills, Obama has argued that doing so "won't add a dime" the federal debt.
"It does not increase our debt," Obama said. "It does not grow our deficits. All it does is allow the Treasury Department to pay for what Congress has already spent."
These claims by the president gloss over the growing total debt, according to Alex Brill, a budget specialist of the American Enterprise Institute.
In January 2009, when Obama began his first term, the federal debt was $10.6 trillion. As of this week it has increased 57 percent to $16.7 trillion, The Washington Times reported.
As Congress is faced with raising the debt ceiling by Oct. 17 or letting the government default on its bills, Obama has argued that doing so "won't add a dime" the federal debt.
"It does not increase our debt," Obama said. "It does not grow our deficits. All it does is allow the Treasury Department to pay for what Congress has already spent."
These claims by the president gloss over the growing total debt, according to Alex Brill, a budget specialist of the American Enterprise Institute.
1 comment:
The national debt is likely to double, money are made on students and education, people head over heals in the loans for consumers, the govenmens has been shutdown, what else should we survive?
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