CBS: National Debt Up $3 Trillion on Obama's Watch

Discussion in 'BBS Hangout: Debate & Discussion' started by basso, Oct 19, 2010.

  1. basso

    basso Contributing Member

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    http://www.cbsnews.com/8301-503544_162-20019931-503544.html

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    National Debt Up $3 Trillion on Obama's Watch
    Posted by Mark Knoller 80 comments

    New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

    The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

    The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.

    Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.

    "By the time I got into office we already had a $1.3 trillion deficit and we had exploded the national debt," he said last month during one of his backyard chats with Americans.

    Just last Friday, the Treasury Department portrayed it as good news when it reported that the federal deficit in the fiscal year that ended September 30th was $1.294 trillion. That's less than the $1.416 trillion deficit accrued in 2009 - the largest federal deficit ever recorded. It was also less than the $1.556 trillion that had been initially projected for 2010.

    The soaring deficit and Debt is one of the reasons Mr. Obama is adamantly opposed to extending tax cuts for Americans earning over $250,000 a year.

    The ten year cost would total $700-billion and Mr. Obama says it would needlessly add to the deficit and Debt.

    "And then we've got to pay interest to China or whoever else is willing to buy our debt," he repeatedly argued in recent weeks.

    President Obama and Congress await recommendations on ways to reduce federal deficits from the National Commission on Fiscal Responsibility and Reform.

    The 18-member panel will report December 1st - after the midterm election.

    The Commission, chaired by Democrat Erskine Bowles and Republican Alan Simpson, was established by Mr. Obama to provide recommendations on how to "put the budget into primary balance, meaning that the federal government will pay for all of its programmatic obligations."

    The federal budget was last in balance from 1998 to 2001.
     
  2. Bandwagoner

    Bandwagoner Contributing Member

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    Anyone have numbers on how much of a hit we would take if we extended the Bush tax cuts to those making under 250K per household?

    I think Obama better get this done considering his campaign promise.
     
  3. mc mark

    mc mark Contributing Member

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    Does that include the two wars he used a credit card to pay for?
     
  4. mc mark

    mc mark Contributing Member

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    hum.....
     
  5. Bandwagoner

    Bandwagoner Contributing Member

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    Iraq totaled less than the Stimulus but whatever.

    I think this talking point is about over now that the US is expanding it's presence in Afghanistan.
     
  6. Sweet Lou 4 2

    Sweet Lou 4 2 Contributing Member

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    the moral of the story from basso:

    It's better to be the guy who f's things up than the guy who has to clean up the mess afterward.

    Seems that is the GOP strategy. Attack the people who fix things, support the people who break things.
     
  7. Bandwagoner

    Bandwagoner Contributing Member

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    Yes interesting.
     
  8. rhadamanthus

    rhadamanthus Contributing Member

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    Very debatable, but yes, whatever - I think sweet lou is far more on point in that calling out a tally is ridiculously unfair unless you point out all the moronic policies that led to it. The "conservative" regimes spent money like water without levying any taxes to pay for it - and now we're starting to see the very predictable effects.
     
  9. pgabriel

    pgabriel Contributing Member

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    and didn't benefit the US
     
  10. Bandwagoner

    Bandwagoner Contributing Member

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    Ok so does anyone know the hit we would take by keeping the Bush tax cuts in place for those earning under 250K per household?

    No that large correct? Can someone post the cuts so I could get the % of the cuts that would be reinstated.
     
  11. MoonDogg

    MoonDogg Member

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  12. Classic

    Classic Member

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    And Clinton and co. had nothing to do with the housing mess? Everybody who has served in office that last 15 years can shoulder some blame.

    But regardless of who is at fault, this thing needs to get under control. Obama needs to tax the upper class more heavily. I'm not referring to 250k plus. I"m talking $3 mil plus. There should to be a new bracket for super high earners.
     
  13. mc mark

    mc mark Contributing Member

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    nice watch

    where can I get one?
     
  14. Bandwagoner

    Bandwagoner Contributing Member

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    There will be once the tax cuts expire.
     
  15. mc mark

    mc mark Contributing Member

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    over 4000 dead Americans would beg to differ if they could
     
  16. MoonDogg

    MoonDogg Member

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    [​IMG]
     
  17. rhadamanthus

    rhadamanthus Contributing Member

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    http://taxpolicycenter.org/UploadedPDF/1001438-tax-cuts-debate.pdf

    Obama's proposal saves about 680 billion of that. Crazily, that 680 billion, if allowed to stay, gives ~$3,000,000 in tax breaks to the richest 120,000 people in the country. That's ****ing insane no matter what your politic.
     
  18. Steve_Francis_rules

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    The Republicans also continued to control the House and the Senate after 2002 and 2004.
     
  19. SunsRocketsfan

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    partisan politics aside how has the current Administration tried to fix thing? I am no fan of the previous Bush administration but it seems like the current administration in power are just exasperating the problem.
     
  20. SamFisher

    SamFisher Contributing Member

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    No it didn't.
     

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