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An unprecedented Obama achievement

But not necessarily unexpected:

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

...
 
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama's 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
 
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

You tired yet of all this hope and change?


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Comments (26)

We owe you a "debt" of grat... (Below threshold)
914:

We owe you a "debt" of gratitude Barry! I did not think we would ever see a president more pathetic then Carter let alone the combined lousy ones of 234 years.

Good job!!

Yeah, but the true irony he... (Below threshold)
Tsar Nicholas II:

Yeah, but the true irony here is that a large number of those self-proclaimed conservative fiscal hawks -- who didn't vote in 2008, and thereby voted for Obama -- won't even be able to figure out the irony.

That said, our fiscal situation is much worse than those disasterous figures would suggest. Since the Democrats didn't enact a budget (on purpose, I might add) the base line spending next year will be at today's inflated levels and there's not all that much the GOP can do about it. We're also going to have a recession next year, which will push down revenues. Interest rates have nowhere to go but up over the next decade or so. As we refinance today's debt our marginal interest payments inevitably will creep higher and higher. Social Security and Medicare are poised to go bust. The worst is yet to come.

$2.5260 trillion as a stack... (Below threshold)
Neo:

$2.5260 trillion as a stack of $20 bills is roughly 8,500 miles high.

BUT,BUT,BUT,it's Bush's fau... (Below threshold)
firefirefire:

BUT,BUT,BUT,it's Bush's fault don't cha know?

"$2.5260 trillion as a stac... (Below threshold)
914:

"$2.5260 trillion as a stack of $20 bills is roughly 8,500 miles high."


Thanks for the computation. That would reach all the way to indonesia. By 2012 we'll be able to circle the Earth with Barry's debt.

FINALLY! Barry is Number O... (Below threshold)
GarandFan:

FINALLY! Barry is Number One in something besides Chief Bullshitter!

Can we also get commemorative plaques for Pelsoi and Reid?

Where to cut spending? Firs... (Below threshold)
John S:

Where to cut spending? First, shut down the entire executive branch until January 2013. Make Congress work gratis until the budget is balanced. Make the Judiciary branch bring in their own lunches. Sell California to China for $14 trillion. Any more ideas?

Where's Dane?I was... (Below threshold)
GarandFan:

Where's Dane?

I was sure he'd drop by to accept the accolades for his Obamassiah. It's not often we proclaim Barry as Number One in something. Hell, at least he EARNED this, unlike that Nobel Peace Prize for Looking Good.

According to his Cleveland ... (Below threshold)
Hank:

According to his Cleveland Illinois [sic] speech, Obama is still claiming he inherited this debt/deficit.

Bush left quite a mess and ... (Below threshold)
the Dane of your Existence:

Bush left quite a mess and it'll take some time to make it right - but Clinton created a surplus and so will Obama - in his second term.

We know that Republicans will just want more tax cuts for the rich - so clearly electing a Republican is the wrong answer.

Rick, you bemoan the increase from $6.3 trillion to $8.3 trillion - but Republicans stood silently by as Bush took the surplus left by Clinton and ran it up to $6.3 trillion.

So Bush took the debt from $0.00 to $6.3 trillion - and we didn't hear a peep from the republicans.

Why?

Because the money was being spent to line the pockets of Haliburton and other defense contractors - so your keepers (Beck, Limbaugh et al) weren't pushing your buttons to get upset and agitated.

Do you like having Glenn Beck's hand up your backside telling you what to do?

Now that Obama is in office suddenly it's a big deal...

...after you sat silently by applauding Pres Bush as he ran up the debt to $6.3 trillion FROM ZERO.

Flaming hypocrites, that's what you guys are...

the astonishingly stupid "D... (Below threshold)
Drago:

the astonishingly stupid "Dane of...": "So Bush took the debt from $0.00 to $6.3 trillion - and we didn't hear a peep from the republicans."

Uh, Dane, please take a moment and review the terms "National Debt" and annual "Budget Deficit" and you'll see why you are a complete ignoramus and thus, the perfect dem spokesperson.

Hilarious.

Dane the inadvertantly hila... (Below threshold)
Drago:

Dane the inadvertantly hilarious by virtue of his magnificent stupidity: "Now that Obama is in office suddenly it's a big deal...
...after you sat silently by applauding Pres Bush as he ran up the debt to $6.3 trillion FROM ZERO."

LOL !1!!eleventy!1!!

Sorry folks, I'm still rolling on the floor over danes last ill-informed spew!!!

If I had to profile dane based on his comments, I'm going to guess white, 24yrs old, works a theatre and took about a semester's worth of classes at a junior college.

According to this <a href="... (Below threshold)
Eric:

According to this website, you can calculate the Federal Debt to for any given day.

On January 20,2001 (Bush's first day) the Federal Debt was:
$5,727,776,738,304.64 or $5.7 T

On January 20, 2009 (Bush's last day and Obama's first day) the Federal Debt was:
$10,626,877,048,913.08 or $10.6 T

Over the entire 8 years of the Bush administration the Federal Debt grew by:
$4,899,100,310,608.44 or $4.9 T

Which comes to a growth rate of:
$1,677,774,078.98 per day or $1.7 B per day

As of today the Federal Debt is:
$13,435,355,520,330.43 or $13.4 T

Which comes to a growth rate of:
$4,704,319,047.60 or $4.7 B per day

Since Obama took office we arew spending $3 billion per day more than Bush.

But wait, according to the U.S. Constitution the United States Congress is the branch of government responsible for federal spending. During the last two years of Bush's Term Congress was controlled by the Democrats.

So really what was the increase in Federal Debt between Bush's first day and the first day the Democrats took over Congress, January 20,2007?

On January 20,2001 (Bush's first day) the Federal Debt was:
$5,727,776,738,304.64 or $5.7 T

On January 20, 2007 (Pelosi's first day as Speaker of the House and Reid's first day as Majority Leader of the Senate) the Federal Debt was:
$8,675,085,083,537.48 or $8.7 T

Which comes to a growth rate of:
$1,345,188,655.97 or $1.3 B per day

So since the Democrats took over Congress the country has gone from spending $1.3 B per day to $4.7 B per day. Thank you Democrats.

Eric Eric Eric. Why would ... (Below threshold)
Drago:

Eric Eric Eric. Why would you bother talking about the actual National Debt numbers when morons like dane aren't even clear on the difference between Debt and Deficits?

You know, "pearls before swine", etc.

Because a trillion here, a ... (Below threshold)
Eric:

Because a trillion here, a trillion there, pretty soon it adds up to real money.

Might want to review those ... (Below threshold)
Stan:

Might want to review those figures a bit. Congress has to be in session on or near January 3 after the recent election. So, when when the Pelosi/Reid cabal took over in January of 2007. it was closer to the third day (think the 10th to be accurate) than the 20th.

Stan, you are correct. My ... (Below threshold)
Eric:

Stan, you are correct. My mistake, I should have remembered the worst birthday present I ever got. The 110th Congress went into session on January 4 2007.

Here are the corrected numbers:

What was the increase in Federal Debt between Bush's first day and the first day the Democrats took over Congress, January 4,2007?

On January 20,2001 (Bush's first day) the Federal Debt was:
$5,727,776,738,304.64 or $5.7 T

On January 4, 2007 (Pelosi's first day as Speaker of the House and Reid's first day as Majority Leader of the Senate) the Federal Debt was:
$8,670,596,242,973.04 or $8.7 T

An increase of:
$2,942,819,504,668.4 or $2.9 T over 5 years, 11 months, 15 days

Which comes to a growth rate of:
$1,353,020,461.91 or $1.3 B per day

So since the Democrats took over Congress the country has gone from spending $1.3 B per day to $4.7 B per day. The Federal Debt has grown from $8,670,596,242,973.04 to $13,435,355,520,330.43 an increase of $4,764,759,277,357.39 in just 3 years, 8 months, 6 days.

For every $1 of spending by the previous Republican Congress, the current Democrat Congress is spending $3.6.

Over the entire 8 ... (Below threshold)
the Dane of your Existence:
Over the entire 8 years of the Bush administration the Federal Debt grew by: $4,899,100,310,608.44 or $4.9 T

And not a peep - NOT A PEEP - from Republicans about the growing debt.

And Bush didn't have the Bush Recession to fix as Obama has...

So $4.9 Trillion for the Bush administration up to January 21, 2009 - but the day Obama took office the nation was still operating under the Bush budget signed by Bush in the previous year -- and continued to do so until October 1, 2009 - when the debt stood at $7.5 trillion.

And yesterday it stood at $8.9 trillion.

DEBT increase under Obama budget years? $1.4 trillion (while the country was in a recession).

DEBT increase under Bush budget years? $4.8 trillion.

Any way you look at this puzzle it's clear.

REPUBLICAN HYPOCRISY KNOWS NO BOUNDS. the debt increased $4.8 Trillion under Bush and conservatives didn't care one bit.

Now, under the Obama budget, the debt has increased $1.4 trillion and the asshats are blowing their whistles in agony.

Simply amazing - reality really does have a left-leaning bias - every single time.

First off Dane let's keep t... (Below threshold)
Eric:

First off Dane let's keep the numbers consistent, instead of mixing and matching the numbers I'll stick the "Total Public Debt Outstanding" value which is the sum of "Debt Held by the Public" and "Intragovernmental Holdings". Since Dane wants to compare based on fiscal years. Let's compare Bush vs. Obama based on when their respective fiscal responsibilities began and ended.

Bush Fiscal Period: 10/1/2001 - 9/30/2009
10/1/2001: $ 5,806,151,389,190.21
9/30/2009: $ 11,909,829,003,511.75
Increase: $ 6,103,677,614,321.54
Total # days: 2922 days
Daily debt increase: $2,088,869,820.09/day or $ 2B/day

Obama Fiscal Period: 10/1/2009 - Today
10/1/2009: $ 11,920,519,164,319.42
9/10/2010: $ 13,435,355,520,330.43
Increase: $ 1,514,836,356,011.01
Total # Days: 344 days
Daily debt increase: $4,403,594,058.17 or $4.4 B/day

Any way you cut it, spending has gone through the roof since the Democrats took over. Average Debt growth during the entire 8 years of the Bush Term, the Federal debt grew by about $2 Billion/Day. Average Debt growth in the first year of Obama's Term, the Federal debt has grown by twice that amount $4.4 Billion/Day.

By the way Dane. You forgot that Bush inherited the recession following the Dot Com bubble, and the effects of 9/11. As an added reminder it is Congress that allocates and spends money not the President.

Since it is Congress that h... (Below threshold)
Eric:

Since it is Congress that has the job of spending the money not the President. Let's compare how much the Democrats have spent since they took over Congress vs. how much the Republicans spent over the exact same period of time, 1075 days. This is based on the beginning Fiscal date that the Democrats took over budget responsibility on October 1, 2007 to today, which is 1075 days. I then back tracked from Sept 30,2007 - 1075 days which was Oct 20, 2004.

Democrat Controlled Congress:
Fiscal Period 10/1/2007 - 9/10/2010
1075 Days
10/1/2007: $ 9,062,552,400,356.63
9/10/2010: $ 13,435,355,520,330.43
Increase: $ 4,372,803,119,973.8
Daily Increase: $ 4,067,723,832.53 or $4 B/Day

Republican Controlled Congress:
Fiscal Period 10/20/2004 - 9/30/2007
1075 days
10/20/2004: $ 7,429,511,697,284.39
9/30/2007: $ 9,007,653,372,262.48
Increase: $ 1,578,141,674,978.09
Daily Increase: $ 1,468,038,767.42 or $ 1.4 B/Day

Again, the Democrats spend about $4 billion per day, where as the Republicans spent $1.4 Billion per day.

I remember the Left constantly crying about all of the spending by the Republicans. Why aren't they crying now when the Democrats are spending 3 times as much?

Come on Dane, what do you have to say about that? Since the Democrats took over the Government they are spending almost $3 for every $1 that the Republicans did.

All these facts and figures... (Below threshold)
John:

All these facts and figures guys you do realize you're talking to Dane right? Did you not see his proclimation that Obama will create a surplus in his 2ond term, making all these terrible arguments about "who killed who" I mean who is really responsible now that Obama is president, not relavant.

Hey Dane I forget who is president? Which party is in conrol of congress? What day can we expect the current team to be responsible for their actions? When does GWBs term get to end and Obama's start? Oh never mind I already know the answer.

Oh crap I just figured it o... (Below threshold)
John:

Oh crap I just figured it out and Dane is exactly right, I forgot that Obama has to cool the earth and lower the oceans, save the whales and all that first.... how silly of me. He will fix the economy on Jan 21 2013 with a wave of his hand.

And not a peep - N... (Below threshold)
Eric:
And not a peep - NOT A PEEP - from Republicans about the growing debt.

Dane have you ever heard of Porkbusters? Which was founded in 2005 by several right wing bloggers to highlight wasteful government spending. How is that not a Peep?

How about the "Federal Funding Accountability and Transparency Act of 2006"? That was spearheaded by Republican Tom Coburn. You should appreciate that one, as it was co-sponsored by Barack Obama. It also passed unanimously in the House and Senate. How is that not a peep?

Gotta give you credit, Eric... (Below threshold)
Hank:

Gotta give you credit, Eric.
Unfortunately, I too wasted time with Dane in another thread.
Still, nice job with the facts/figures.

Bush's debt legacy - $6.1 t... (Below threshold)
the Dane of your Existence:

Bush's debt legacy - $6.1 trillion (as per eric)

Obama's debt legacy - $1.5 trillion (as per eric)

Spin all you want, ladies - it's pretty clear. Bush raised the debt 4 times the amount Obama has.

Granted, Obama's term isn't over - and it will probably go higher. But right now it's one fourth the debt increase under Bush.

But you're whining like babies over the $1.5 trillion debt under Obama after saying NOTHING while Bush ran up $6.1 trillion.

No wonder you look like an ass - you're acting like one. S

Seriously - you don't see the hypocrisy about whining like babies over $1.5 while ignoring $6.1?

I remember the Left constantly crying about all of the spending by the Republicans. Why aren't they crying now when the Democrats are spending 3 times as much?

Because Obama, so far, has only raised the debt approx 1/4th of the amount Bush increased the debt. Lying and claiming that Obama has increased the debt more than Bush is total bullshit. Rick is making a living at bullshitting - what's your excuse?

Amazing the lengths conservatives will go to to bullshit each other. And amazing how stupid some people are who swallow that bullshit.

Granted, Obama's t... (Below threshold)
Eric:
Granted, Obama's term isn't over - and it will probably go higher. But right now it's one fourth the debt increase under Bush.

Dane, Don't take this the wrong way, but you sir are an idiot. Only an idiot would claim superiority because their guy spent less in one year than the other guy did in 8 years.

I'm not going to argue with you about this anymore. You don't have to admit you are wrong. You can go ahead and slink away to another thread. But I suggest in the future if you can't argue a point intelligently, don't bother at all. You end up looking like a tool. Anyone reading this thread can see it. It just destroys your credibility in the future.




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