October 1, 2009. On that date, the Federal Debt was $11.9 trillion. Here we are, the beginning of the new fiscal year, and the national debt is now $13.6 trillion. This means that for FY2010, the Federal Government spent $1.7 trillion more than it took in.
For those keeping track, the Obama administration has borrowed $3 trillion in the 20 months that he has been President. The records keep being broken:
Carter borrowed $300 billion in 4 years Broken by Obama in just 2 months
Reagan borrowed $1.8 trillion in 8 years Broken by Obama in just 13 months
GHW Bush borrowed $1.6 trillion in 4 years Broken by Obama in 11 months
Clinton borrowed $1.2 trillion in 8 years Broken by Obama in just 8 months
All presidents combined borrowed $3 trillion in 222 years. Obama did it in 20 months
GW Bush borrowed $5 trillion in 8 years Anyone want to take bets on Obama beating this one?
I know that all of you Obama fanbois keep blaming Bush, but here we are nearing the halfway point of Obama’s presidency, and you just have to ask: At what point does he take responsibility for the mess we are in?