They said that Obama’s reign would be history and it certainly is as for the first time history, the national debt hit $17 trillion. That’s a historic sum. And we were there to see it. And be on the hook for it.
We are living through history. And in debt for that history.
The National Debt hit 10 trillion under Bush. At the rate, the Big Spender is going, it will easily hit 20 trillion under Barack Hussein Obama.
Well, that didn’t take long. Congress’s deal to suspend the government’s borrowing limit on Wednesday night led to a sharp spike in total U.S. debt on Thursday. This is largely because the Treasury Department had been using emergency steps to prevent the debt from increasing since mid-May. Total government debt had hovered at close to $16.7 trillion for around five months.
But when the debt ceiling was increased on Wednesday, Treasury was immediately able to rebalance its books and refund pensions and other programs that had gone unfunded since earlier in the year. That snapped total U.S. debt to a record $17.076 trillion, Treasury revealed on Friday.
In other words, the National Debt had actually already passed 17 trillion but various gimmicks were used to hide that fact. If a corporation did business that way, its top execs would be playing tennis in jail pretty soon. But Obama gets to keep on golfing some more.