Thus, when Obama leaves the White House, the country will be left with some 20 trillion in debt. Obama’s legacy will be that he let the national debt nearly double.
“When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man,” the newspaper noted.
The spending increases in their two-year budget agreement will be funded by cuts elsewhere, former House Speaker John Boehner, R-Ohio, and administration officials say. But some budget analysts are challenging that claim, the Times reported. Many of them were appalled by the agreement the White House and Congress have reached and by the forthcoming debt increase.
“We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office. No limit, no dollar limit. Here you go, President Obama. Spend what you want.” said Sen. Rand Paul, a Kentucky Republican who made efforts to filibuster the budget deal before the Senate approved it last Friday.
“The progress on reducing spending and the deficit has just become much more problematic.” — He noted.
It’s hard to believe now that on July 3, 2008 — the day before Independence Day —Obama claimed that adding $4 trillion to the debt was unaccountable and “unpatriotic”. Now how about adding 10 trillion in just eight years, Mr President?