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Obama
http://www.washingtontimes.com/news/...ay-debt-boost/
The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.
The one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.
Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Obama, and all of the top six have been in the past two years - an indication of just how quickly the pace of deficit spending has risen under Mr. Obama and President George W. Bush.
"What matters is the overall trend line, and the overall trend line is shooting up," said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.
Fears over red ink have stalled key parts of Mr. Obama's agenda in Congress in recent weeks, including his push for another round of stimulus spending. Just last week, House Democrats had to use a tricky parliamentary tactic to pass an emergency war-spending bill, aid for teachers and new spending caps.
On Wednesday, the Congressional Budget Office said the government has recorded a $1 trillion deficit for the first nine months of fiscal 2010, which began Oct. 1. That's slightly down from 2009's record $1.1 trillion deficit at this point.
CBO said revenues are doing slightly better this year than last year, while spending is down about $73 billion, mainly because the government made giant payments last year to bail out Wall Street, but did not have similar expenses this year. Other spending is higher, including unemployment benefits, which have jumped nearly 50 percent.
Deficits are the difference between what the government raises in revenue versus what it spends each year, while debt is the ac ulation of those deficits over many years.
The Treasury Department calculates the country's debt position each day, and big rises and falls are not unusual. In fact, since hitting $13.203 trillion on June 30, the figure has since slipped $25 billion to settle at $13.178 trillion as of Tuesday, the latest day for which figures are available.
June 30 is always a major day for new debt, since debt held by one part of the government to another - for example, IOUs to the Social Security trust fund - are rolled over, a spokeswoman for the Bureau of the Public Debt said.
Meh. It's the whole ing bunch of em...Bush included. Obama is just worse than the average bear.
Nice of you to congratulate Obama for the reduction in deficit..CBO said revenues are doing slightly better this year than last year, while spending is down about $73 billion, mainly because the government made giant payments last year to bail out Wall Street, but did not have similar expenses this year. Other spending is higher, including unemployment benefits, which have jumped nearly 50 percent.
jack was born on 1/20/09
Yeah right. It would twice that if Obama got everything he wanted from congress. Nice try though.
So is Congress to blame or Obama?
c) All of the above
Q: Have you heard about McDonald's' new Obama Value Meal?
A: Order anything you like and the guy behind you has to pay for it.
Q: What was the most positive result of the "Cash for Clunkers" program?
A: It took 65% of the Obama bumper stickers off the road.
Q: What's the difference between Obama and his dog, Bo?
A: Bo has papers.
all three of those jokes were funny
Yep, at least he's number 1 at something!
You want up to congratulate him for a smaller deficit than last year when it's still higher than any deficit of any past president?
I'll bet if you add last years deficit and interest together, it is still less than this years deficit plus interest. You have to remember, deficit spending does not include the interest still owed, and it jumped radically.
And Ringo was born on 7/7/40.
Just mentioned that because I didn't know until this morning he turned 70. I didn't know he was that much older than me.
They both are. Congress presents the spending to the president to authorize. He authorized it.
Yesp, that's just his style.
That is almost true!
This one is in totally wrong. The evidence is pretty solid that he's legal.
I agree, that one was pretty funny
Quick question: why doesnt Bush and the republican party get credit for the total cost of the Iraq war?
And is this even factored into our budget, Back then or now?
It was a sham to make money for war profiteers, including everyone in the whitehouse most likely...so another words it was the biggest bogus expenditure of the last 30 years...
how about 732,000,000,000 worth so far...damn, seems like we could have a hydrogen economy up and running for that. Oh but wait, some folks in big oil and big defense wouldnt have been able to cash in...then again no one would have had to die over fuel cells.
legalize smack, and govt becomes main supplier undercutting the imported from the south...
sell worldwide...win win,
hey does that clock also count interest payments also?
Man, CIA has been supplying since the 80's...the american people dont get a cut though.
I dunno about interest, but that damn thing keeps moving at light speed.
http://www.cbpp.org/cms/index.cfm?fa=view&id=3036
The conservatives and Repugs are lying, AS ALWAYS, by sticking Obama with the false problem of the national deficit when the Repug/conservative policies going back 30+ years are the real cause.
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