May 30, 2020



The national debt is currently at $18.15 trillion. But the new deal lifting the debt ceiling allows the Treasury Department to borrow another $1.5 trillion by the end of Obama’s time in office in January 2017. Thus, he will be leaving office with the national debt having nearly doubled.


House Speaker John Boehner and President Barack Obama. (Getty Images)

Obama came into office with a national debt of $10.6 trillion after eight years of President George W. Bush. Obama administration officials criticized Bush for running up about $4 trillion over his time in office. Obama will have hiked the debt by nearly $10 trillion.

Former House Speaker John Boehner, an Ohio Republican who helped broker the deal with Obama, insisted that the increases were offset by $112 billion in spending cuts. Meanwhile, Obama said the agreement “is paid for in a responsible, balanced way.”

But many budget analysts disagree and say reversing the sequester — the series of automatic, across-the-board cuts implemented in 2013 — and hiking spending will be harmful to the country.

“Congress and the president have just agreed to undo one of the only successful fiscal restraint mechanisms in a generation,” Pete Sepp, president of the National Taxpayers Union told The Washington Times. “The progress on reducing spending and the deficit has just become much more problematic.”

HT: The Washington Times

Source: The Blaze