18 March 2010

Going From Bad To Worse

CBS News: National Debt Up $2 Trillion on Obama's Watch

The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office.

The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion.

President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.

The most the administration says it can do is try to slow the growth of the National Debt - but its own forecasts show it doesn't look promising.

In the 2011 federal budget released last month, the administration projects the National Debt will soar ever upward to over $25 trillion in the year 2020. The total debt will amount to more than 100 percent of the national economy as early as 2012.

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