23:28 GMT29 November 2020
Listen Live
    Get short URL

    When Barack Obama was elected a president of the United States in 2009, the country’s national debt estimated $10,6 trillion. Back then Obama’s administration officials condemned former President George W. Bush for running up $4 trillion over his time in office. Now the debt has increased to 18,15 trillion and will probably hit 20 trillion by 2017.

    According to the new two-year budget deal the limit of US national debt will be suspended, which will allow the Treasury to borrow an additional $1,5 trillion by the end of Obama’s presidency, The Washington Times wrote Sunday.

    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.

    President of the US National Taxpayers Union Pete Sepp believes that Congress and the president have destroyed a successful mechanism of budget limitations with their budget deal.

    “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?


    18 Trillion Dollars in Debt? No Problem!
    US Senate Approves Budget Deal to Avert Debt Default
    US White House, Opposition Agree to Raise Debt Limit Over Two Years
    US economy, debt, state debt, Barack Obama, US
    Community standardsDiscussion