On Sunday The Washington Times reported that with the signing of the new budget deal reached with Congress, by the time he leaves office President Obama will have increased to national debt to $20 trillion.
The article reports:
Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.
When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.
“Congress and the president have just agreed to undo one of the only successful fiscal restraint mechanisms in a generation,” said Pete Sepp, president of the National Taxpayers Union. “The progress on reducing spending and the deficit has just become much more problematic.”
Some budget analysts scoff at the claim made by the administration and by House Speaker John A. Boehner, Ohio Republican, that the budget agreement’s $112 billion in spending increases is fully funded by cuts elsewhere. Mr. Boehner left Congress last week.
This amount of debt is unsustainable.
I would also like to mention that the budget deal included taking $150 billion dollars from the Social Security Trust Fund (as if that ever existed) that working people continually pay into. (see rightwinggranny.com).
We need to elect people who will cut government spending–not increase it. Remember as you vote in your state’s primary election and next November that the debt we are incurring will be laid on your children and grandchildren. For their sake (as well as the sake of not becoming a third-world country), we need to rein in government spending as quickly as possible.