Pres. Obama Rack Up More Debt Than All Presidents From Washington to Reagan

President Obama has out did himself and  most other presidents. He has outspent all Presidents from George Washington to Ronald Reagan combined.

Obama racked up a mind numbing $2.5 Trillion in debt. Yes $2.5  trillion in his first 18 month as the president. This comes when the President proposed another $50 billion for  Infrastructure : Roads, highways, bridges and railroads.

There are two kinds of debt the at US Treasury counts public debt and intergovernmental debt. From CNSNews:

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.

Under President Reagan the debt soared from $712 billion to an incredible $2.2 trillion. It was  an increase of $1.5 trillion from Jan 20th 1981 to Jan 20,1989 when Reagan left office.

President Obama in 18 months has increased the federal debt from $6.3 Trillion to  nearly $9 Trillion. :

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.

Isn’t that wonderful and of course there more on way.

CNSNews

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s