Saturday, December 6, 2014

Sad Obama Milestone: $18 Trillion Worth of National Debt

The national debt has passed the $18 trillion mark, sparking renewed criticism Tuesday from Republicans and other fiscal conservatives over the soaring trajectory of government spending under President Obama.
“This is a sad milestone for America,” Reince Priebus, chairman of the Republican National Committee, said Tuesday.
The debt was at $10.6 trillion when Obama took office in 2009 but has increased by 70 percent during his roughly six years in office.
“The national debt has skyrocketed by over $7.3 trillion,” Priebus said. “President Obama once said it was ‘unpatriotic’ and ‘irresponsible’ to add $4 trillion to the debt. By his own reasoning then, (he) has reached a new level of irresponsibility.”
The federal debt, which topped $18 trillion last week, is the sum of two numbers.
The first is $12.92 trillion in public debt, which consists of all the outstanding Treasury bills, notes and bonds held by individuals, corporations, foreign governments and others.
The second is the $5.08 trillion in so-called “intra-governmental” holdings, special securities held by U.S. government trust funds and special funds – or basically IOUs from the federal government for money that it “borrowed” from Social Security and Medicare.
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