Originally Posted by Wormhole
Thank you Mr. Bush for getting our country more in debt than all 42 presidents before you combined.
We love it!
That is a dubious assertion at best. The generally accepted number is that under Bush, we added about $4.8 trillion to the national debt in 8 years. Obama has already added more than $2 trillion in one year. We're on track to add at least $2 trillion per year for some time. This means Obama is accumulating debt at a rate nearly 4 times faster than George Bush.
If that were to happen, by the end of Obama's first term, he'd have added nearly twice as much debt in four years as Bush did in 8.
The budget numbers we're seeing now bear this out. Obama's deficit is now 4 times higher than the largest Bush deficit. Even factoring in TARP and other recession measures/problems, one can say Bush's responsibility for the following year stops at $800 billion.
This means Obama has doubled the deficit
--all in one year. There is no way that we're spending $800 billion a year on "tax cuts for the rich" and "two wars."
And this year? Obama owns it. There is no more argument that he inherited the deficit after this year. None. The electorate didn't buy it at the SOTU. They certainly won't buy it now.
By the way, we've raised the debt limit twice in the last 6 weeks, by a total of nearly four trillion dollars.
Since Democrats took control of Congress in January 2007, the debt limit has been raised by Congress five times and the national debt (the combined public debt and debt held in government accounts) has increased by 42.5 percent or $3.69 trillion. This would be the third time that President Obama will have increased the debt limit since being inaugurated.