The federal government has now borrowed more money during Barack Obama’s time as president than it did in the period lasting from the time President George Washington took the oath office until July 2, 2001, more than five months into the first term of President George W. Bush.
At the close of business on Jan. 20, 2009, when President Barack Obama was inaugurated, the national debt stood at $10,626,877,048,913.08, according to the Treasury. At the close of business this Thursday, it stood at $16,323,083,449,604.98.
That means the debt has increased $5,696,206,400,691.90 during Obama’s presidency.
On July 2, 2001, more than five months after President George W. Bush entered office, the national debt was $5,693,220,327,798.14, according to the Treasury. By the close of business on July 3, 2001, it had risen to 5,698,195,769,465.40. Since then, the debt has never again dropped below $5,696,206,400,691.90-the amount it has increased in less than one full term of Obama.
(Between late 1999 and the middle of 2001, as federal revenues sometimes exceeded expenditures, the debt fluctuated back and forth over the $5.696 trillion mark–only to finally pass that threshold, without retrenching, between July 2 and 3, 2001.)
On Thursday, Treasury Secretary Timothy Geithner suggested that Congress give President Obama the unilateral authority to lift the limit on the national debt.
The Census Bureau estimated in September that there were 114,916,000 households in the United States. That means that the $5,696,206,400,691.90 the Obama administration has borrowed in the name of U.S. taxpayers now equals about $49,568 per household. CNSNews.com
With Obama’s re-election, 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. CBS News
The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services. CBS News
The former president of the Federal Reserve Bank of New York and current Treasury boss Timothy Geithner has informed Republicans that Obama wants absolute authority to increase the national debt. Prison Planet
The idea floated by Geithner would give the president sole power to unilaterally raise the debt ceiling at any time. Congress could pass a resolution to stop the increase, but it would require a two-thirds vote of both chambers to pass and could still be vetoed by the president. Prison Planet
Allowing Obama to unilaterally jack up the debt is unconstitutional. Article One of the Constitution assigns the authority to “borrow Money on the credit of the United States” to Congress, not the executive. Prison Planet