Saturday, January 5, 2013

It's President Obama's Debt Now

...The staggering national debt — up about 60 percent from the $10 trillion Obama inherited when he took office in January 2009 — is the single biggest blemish on Obama’s record, even if the rapid descent into red began under President George W. Bush. 
Obama has long emphasized Bush’s role in digging the immense hole. But he owns it now, and it’s a significant political liability as he girds for a fast-approaching brawl with the GOP over how to deal with converging deadlines of a new debt ceiling fight and the need to come up with $1 trillion in deficit reduction mandated by the so-called “sequester.”
“The numbers — at some point it’s got to catch up or else we’re all going to die,” said Chris Chocola, head of the anti-tax Club for Growth, which opposed the cliff deal. “We have serious problems that are going unaddressed and we’re moving in the wrong direction.” 
Obama was able to splinter his deeply divided Republican opponents over the issue of tax cuts for the wealthy. But a similar fate might await the president and his Democratic allies if he brokers a deal with the GOP that requires massive spending and entitlement cuts.
Read the whole article HERE and view a related video below:

 

What goes around comes around. Hopefully Obama will learn all this as we move to spending cuts and the Debt Ceiling talks with Congress.

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