Debt Under Obama Up $8,000,000,000,000
(CNSNews.com) - The debt of the federal government has now increased by more than $8,000,000,000,000 during the time President Barack Obama has been in office, according to the official debt numbers published by the U.S. Treasury.
The total federal debt, which was $18,722,746,583,118.03 at the close of business on Monday, now equals about $159,007 per household.
It has increased approximately $68,756 per household during Obama’s presidency.
On Jan. 20, 2009, when Obama was inaugurated, the total debt of the federal government was $10,626,877,048,913.08. On Nov. 23, 2015, it was $18,722,746,583,118.03 Thus, so far in Obama’s presidency, the federal debt has increased $8,095,869,534,204.95.
As of September, according to the U.S. Census Bureau, there were 117,748,000 households in the United States. The $18,722,746,583,118.03 in federal debt equals $159,006.91 for each one of those households.
The $8,095,869,534,204.95 that the debt has increased under Obama equals about 68,755.90 for each one of those households.
As CNSNews.com reported last month, the portion of the federal government’s debt that is held by the public—as opposed to the portion that is borrowed out of government trust funds such as the Social Security and Medicare trust funds—has more than doubled during President Barack Obama’s time in office.
When Obama took office on Jan. 20, 2009, the $10,626,877,048,913.08 in federal debt consisted of $6,307,310,739,681.66 in debt held by the public and $4,319,566,309,231.42 in intragovernmental debt. The $18,722,746,583,118.03 in total federal debt at the close of business Monday consisted of $13,487,562,419,580.15 in debt held by the public and $5,233,308,167,077.60 in intragovernmental debt.
So far under Obama, the debt held by the public has increased by $7,180,251,679,898.49—or 113.8 percent.
When President George W. Bush took office on Jan. 20, 2001, the total federal debt was $5,727,776,738,304.64. During his eight years as president it increased $4,899,100,310,608.44 to $10,626,877,048,913.08
It took the United States, which declared independence in 1776, 229 years to accumulate its first $8,000,000,000,000 in federal debt—with the debt first surpassing that level in October 2005.
"Debt held by the public represents federal debt issued by Treasury and held by investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve, and foreign governments,” explains the Government Accountability Office. “The majority of debt held by the public consists of marketable Treasury securities, such as bills, notes, bonds, floating rate notes, and Treasury Inflation-Protected Securities that are sold through auctions and can be resold by whoever owns them. Treasury also issues a smaller amount of nonmarketable securities, such as savings securities and State and Local Government Series securities."
"Intragovernmental debt holdings represent federal debt owed by Treasury to federal government accounts—primarily federal trust funds such as Social Security and Medicare—that typically have an obligation to invest in federal securities their excess annual receipts (including interest earnings) over disbursements,” says GAO. http://www.cnsnews.com/news/article/terence-p-jeffrey/debt-under-obama-8000000000000
The total federal debt, which was $18,722,746,583,118.03 at the close of business on Monday, now equals about $159,007 per household.
It has increased approximately $68,756 per household during Obama’s presidency.
On Jan. 20, 2009, when Obama was inaugurated, the total debt of the federal government was $10,626,877,048,913.08. On Nov. 23, 2015, it was $18,722,746,583,118.03 Thus, so far in Obama’s presidency, the federal debt has increased $8,095,869,534,204.95.
As of September, according to the U.S. Census Bureau, there were 117,748,000 households in the United States. The $18,722,746,583,118.03 in federal debt equals $159,006.91 for each one of those households.
The $8,095,869,534,204.95 that the debt has increased under Obama equals about 68,755.90 for each one of those households.
As CNSNews.com reported last month, the portion of the federal government’s debt that is held by the public—as opposed to the portion that is borrowed out of government trust funds such as the Social Security and Medicare trust funds—has more than doubled during President Barack Obama’s time in office.
When Obama took office on Jan. 20, 2009, the $10,626,877,048,913.08 in federal debt consisted of $6,307,310,739,681.66 in debt held by the public and $4,319,566,309,231.42 in intragovernmental debt. The $18,722,746,583,118.03 in total federal debt at the close of business Monday consisted of $13,487,562,419,580.15 in debt held by the public and $5,233,308,167,077.60 in intragovernmental debt.
So far under Obama, the debt held by the public has increased by $7,180,251,679,898.49—or 113.8 percent.
When President George W. Bush took office on Jan. 20, 2001, the total federal debt was $5,727,776,738,304.64. During his eight years as president it increased $4,899,100,310,608.44 to $10,626,877,048,913.08
It took the United States, which declared independence in 1776, 229 years to accumulate its first $8,000,000,000,000 in federal debt—with the debt first surpassing that level in October 2005.
"Debt held by the public represents federal debt issued by Treasury and held by investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve, and foreign governments,” explains the Government Accountability Office. “The majority of debt held by the public consists of marketable Treasury securities, such as bills, notes, bonds, floating rate notes, and Treasury Inflation-Protected Securities that are sold through auctions and can be resold by whoever owns them. Treasury also issues a smaller amount of nonmarketable securities, such as savings securities and State and Local Government Series securities."
"Intragovernmental debt holdings represent federal debt owed by Treasury to federal government accounts—primarily federal trust funds such as Social Security and Medicare—that typically have an obligation to invest in federal securities their excess annual receipts (including interest earnings) over disbursements,” says GAO. http://www.cnsnews.com/news/article/terence-p-jeffrey/debt-under-obama-8000000000000
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Obama called Bush (who was a mere piker at borrowing comparatively) unpatriotic . If Bush was unpatriotic for borrowing 4 trillion, what does that make someone who borrowed 8 trillion and counting "in the name of our children" under the Obama standard? A Traitor?
Sounds about right. Obama knew he was going to blow out the deficit big time when he was criticizing Bush. Bush deserved some critical feedback for his own over spending. Obama should be impeached for his.
If Bush was unpatriotic for borrowing 4 trillion, what does that make someone who borrowed 8 trillion and counting "in the name of our children" under the Obama standard? A Traitor?
Instead of the one-liner Obama-bashers, get your facts and post them.
George W. Bush : Added $5.849 trillion, a 101% increase to the $5.8 trillion debt level at the end of Clinton's last budget, FY 2001.
The vast majority of the deficit in 2009 occurred after the CR expired about a month after Bush left office. That is when spending was dramatically increased. Bush had nothing to do with that. It is an out right and deliberate lie on the part of pundits and others to put all of FY 2009 under President Bush.
The vast majority of the deficit in 2009 occurred after the CR expired about a month after Bush left office. That is when spending was dramatically increased. Bush had nothing to do with that. It is an out right and deliberate lie on the part of pundits and others to put all of FY 2009 under President Bush.
What point are you trying to make? You can manipulate the numbers all you want (and your source does try) but the simple facts remain that Obama has borrowed substantially more than Bush, and Obama called Bush unpatriotic for borrowing significantly less money. (Check out how much money Bush had actually borrowed at the time Obama called him unpatriotic.)
I guess we should have seen how bitterly divisive Obama was, even as a candidate.
What point are you trying to make? You can manipulate the numbers all you want (and your source does try) but the simple facts remain that Obama has borrowed substantially more than Bush, and Obama called Bush unpatriotic for borrowing significantly less money. (Check out how much money Bush had actually borrowed at the time Obama called him unpatriotic.)
I guess we should have seen how bitterly divisive Obama was, even as a candidate.
Unlike you and the Obama-bashers, I rarely if ever start these "discussions" whereby a specious point is made and that its alleged perpetrator is Obama. I made no point per se other than to show how and when federal debt is accrued, that the interest and remaining principal pass from administration to administration and that the bulk of any such borrowing in the Obama years CAME UNDER A REPUBLICAN HOUSE and CONGRESS.
The information I have posted shows the actual percentage in the debt increase to be other than what the seeded article deceptively claims (when comparing the Bush to the Obama years).
Don't talk to me about manipulating numbers, Sean … if you don't like them, counter them with your own posted information.
Borrowing money to finance a bullshit war and a simultaneous tax cut for wealthy people is where this began and continued.
Now I've made a point.
How many give the GOP congress credit for the balanced budgets 1998-2000?
How many give the GOP congress credit for the balanced budgets 1998-2000?
Again, you want it both ways … if you want to give a GOP Congress credit for a balanced budget, then it's disingenuous of you to blame Obama for budget deficits and debt incurred with Republicans in charge of Congress for six of Obama's eight years!
the GOP only controlled both houses of congress for two years, the same as the democrats. The four middle years the congress was divided.
Funny that you blame George Bush for tax cuts that Obama and the Democrats never repealed despite having veto proof control of Congress. A one page bill could have raised taxes and the Democrats didn't bother to do it. Might convenient how you just omit that Barack Obama and the Democrats controlled Congress to an extent never dreamed of by George Bush and the Republican yet somehow escapes blame for not remedying what you seem to believe were egregious mistakes.
Obama owns the tax cuts just as much as Bush.
Government is out of control and it isn't just the democrats. Both parties favored the 600 billion defense bill that should have never made it to Obama's desk. No doubt Obama has been a disaster when it comes to debt and the buck stops there.
Federal Debt, Deficits and Spending
The debt owed to the public has more than doubled. It is now nearly $13.1 trillion, an increase of 107 percent since Obama first took office.
And the debt also has grown dramatically even when measured as a percentage of the growing economy, from 52 percent of gross domestic product at the end of fiscal year 2009 to just under 74 percent last year .
Federal spending, however, has increased much less. Total federal outlays in the fiscal year that just ended will total around $3.67 trillion, according to the most recent CBO estimate . That’s just 4.5 percent above the total outlays for fiscal 2009 , which was well underway when Obama took office.
As we’ve shown in detail elsewhere , Obama’s early spending initiatives added — at most — $203 billion to the fiscal year 2009 spending levels that were set before he took office. Attributing that extra FY 2009 spending to Obama brings the total increase in outlays since he took office to just under 11 percent over the level he inherited.
Massive federal deficits continue: The final figure for the fiscal year that ended Sept. 30 hasn’t yet been tallied, but last month’s Monthly Budget Review by the nonpartisan Congressional Budget Office estimated that the deficit would come in at $426 billion, about $59 billion less than the shortfall in fiscal year 2014. However, the debt is now growing less rapidly than during Obama’s first years, which saw a string of trillion-dollar-plus annual deficits .
Total debt, counting money the government owes to itself, currently stands at close to $18.2 trillion, up nearly 71 percent under Obama.
The rest of the story …
I mean the charts graphical representation of them could easily give the impression that as a nation we are doing fairly well.
I offered no conclusion nor summary as the seeded article did … and without explaining truthfully how we got to where we are.
You may draw your own conclusions … all I've done was show you upon what to base them.
Let's just deal with FY 2009. That year started oct. 1, 2008. The democrats controlled congress. They assumed they would win the White House and passed a continuing resolution at prior year spending until after Bush left office. Other than the bail out package of 750 billion, that was divided equally between 2008 and after Jan 20, 2009, all other increases in spending in FY 2009 is on the democrat congress and Obama. The Bush administration had done the heavy lifting fighting the Great Recession and when they left recommended not spending the remaining 375 billion. Obama came into office insisting upon having a major public spending deficit increasing orgy.
Let's just deal with FY 2009. That year started oct. 1, 2008. The democrats controlled congress.
Of course you want to "just deal with FY 2009" … because after that, Republicans and the Tea Party took over the House and subsequently the Senate.
That means for six of the eight Obama years, the Republicans are, based on your view, the fiscally culpable debt perpetrators.
You can't have it both ways.
The GOP took the house in 2010. That would have had an impact with FY 2012 as FY 2011 was already in effect. The democrats still had the senate and White House. Spending began to level off then. The GOP took the senate in 2014 and it wasn't until FY 2016 which is the current FY that they could impact.
I see the charts. I see the figures. I see the towns. I see the people. Some of us realize where we are now and the most important thing is figure out how we can turn this boat around!
Barack Obama claims deficit has decreased by two-thirds since taking office
The critical number is the national deficit. The deficit is the the national debt left after subtracting the assets (taxes, investment income, etc.) Read the text at the link, it's not flattering to Obama but it does say his assertion is mostly true.
That's true compared to the FY 2009 budget he and congress made when the CR expired in Feb. 2009. 2010 was as bad as 2009. We should be having a balanced budget this year since tax revenues are at an all time high
Oh no ! XX gave me a thumbs down !!!
What ? Are we here, two year olds ?
Oh look ! Woodie gave me a thumbs down too !!!
Grow the fuck up !
One must wonder at the maturity level or lack thereof of those so easily offended by how people vote on their comments. Perhaps it is you who needs to grow up. Notice no expletives or F-bombs in my reply.
Oh no! I disagreed with your post. I already explained why as it implied that 2009 FY was on Bush and we know better.