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.