Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

Powered by Squarespace

 

 

Search The Daily Bail Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

SPONSORED BY  

 

Hank Paulson Is A Criminal - Pass It On

Bernanke's Failures Caught On Tape

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - The 11 States Most Likely to Go Bust

SLIDESHOW - 7 Really Big Holes - Don't Miss #7

SLIDESHOW - Molotov Cocktails In Greece

SLIDESHOW - The Sights, Sounds & Women of Texas

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Egyptian Revolution - Graphic PICS

SLIDESHOW - U.K. Student Riots

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« George Soros Says "US Banking System Is Effectively Insolvent" - Reuters Video & Transcript | Main | Comparing Federal Deficits: Bush Vs. Obama »
Sunday
Nov212010

NATIONAL DEBT WATCH -- Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data

Obama, The Deficit President

The Deficit President

---

(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
 
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3  billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
 
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.
 
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
 
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”

 

---

     Email to a Friend

---

 

Subscribe to RSS headline updates from:
Powered by FeedBurner

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (14)

Sep 9, 2010 at 4:21 PM | Unregistered CommenterZ
Obamanomics 101 by Ted Rall ... http://www.youtube.com/watch?v=W5ZFtvhXslU
Sep 9, 2010 at 4:33 PM | Unregistered CommenterZ
Bibles Destroyed in Afghanistan... By U.S. Military

http://blogs.abcnews.com/politicalpunch/2009/05/bibles-destroye.html

Jake Tapper, get a life you Obama plant!!!
Sep 9, 2010 at 5:46 PM | Unregistered CommenterZ
EXCLUSIVE: ICE Says It's Caught-and-Released 506,232 Illegal Aliens Who Are Now Fugitives--More Than Entire Population of Sacramento, Calif.

http://www.cnsnews.com/news/article/72328

WTF, is there an Obama czar we can fire? What, you can't fire a czar, oh sh**.
Sep 9, 2010 at 5:53 PM | Unregistered CommenterZ
Debt can only continue to grow.


"WTF, is there an Obama czar we can fire? What, you can't fire a czar, oh sh**. "

How many administrations have been playing "catch and release" Gobie, one party for cheap votes, the other for cheap labor and no taxes.

The bankers Manifesto ping pong game continues...
Sep 9, 2010 at 6:13 PM | Unregistered CommenterS. Gompers
I'm not too impressed with the job he has done, However, He walked into a situation that was already FUBAR.
Sep 9, 2010 at 6:52 PM | Unregistered CommenterJimbo
Wake up from the darkness???

http://www.youtube.com/watch?v=Ne7z-_RXWeA
Sep 9, 2010 at 7:23 PM | Unregistered CommenterZ
The Hillary Clinton clip was interesting...
Sep 9, 2010 at 10:05 PM | Registered CommenterDailyBail
funny you leave out George Bush...
Nov 29, 2010 at 12:56 PM | Unregistered Commentermark
wonder why you left out George W Bush - or did not have this headline when he was in power - hmmm
Nov 29, 2010 at 12:59 PM | Unregistered Commenterbeau
hey smart guys...i did not write the story...pay attention..the link to the original story is at the top...
Nov 29, 2010 at 1:40 PM | Registered CommenterDailyBail
but since you asked about deficit comparisons...here you go...

http://dailybail.com/home/comparing-federal-deficits-bush-vs-obama.html

Comparing Federal Deficits: Bush Vs. Obama
Nov 29, 2010 at 1:42 PM | Registered CommenterDailyBail
Yeah life is a big scam to screw over me and my family. My Grandfather was right about this country, hell, and handbaskets, and he knew that 60 years ago....
What choice does a living, thinking, free American educated man have left but to sharpen his skills at cold blooded murder to solve such a scenario?
Nov 29, 2010 at 1:59 PM | Unregistered CommenterAverage Joe
I tell you the U.S. is presently under a concerted attack to reinsert it under the English royal family, the pope, the allied bankers,etc. Obama is a shill. Wake up America. You should have done your homework and killed your TV set AT LEAST 10 YEARS AGO. Homework. You know that stuff that keeps you from being ground up and spit out as Soylent Green for the drones.
Nov 29, 2010 at 4:56 PM | Unregistered CommenterHoward T. Lewis III

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.