20 Jul 2011

How Do You Get From $6.31 Trillion to $9.65 Trillion in Debt in 27 Months?

, , , ,

All you need to do is elect Barack Obama.

From Paul Ryan’s House Budget Committee, A Brief History of President Obama’s Fiscal Record:

January 20, 2009
President Obama sworn into office

President tells the American people in his Inaugural Address: “Those of us who manage the public’s dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.”

Debt Held By Public = $6.31 trillion

—————————————

February 17, 2009
President Signs into Law the Spending Stimulus

The stimulus adds $821 billion in new spending according to the Congressional Budget Office (CBO).

The White House promises this infusion of spending and borrowing would keep unemployment rate below 8%. As millions of Americans are painfully aware, that promise was broken.

Debt Held by Public = $6.48 trillion

—————————————

February 26, 2009
President Issues FY2010 Budget

The President’s budget adds $2.7 trillion in new debt in FY2010 and imposes $1.4 trillion in new taxes.

Debt Held by Public = $6.58 trillion

—————————————

March 11, 2009
President Signs FY2009 Omnibus Appropriations Act

The massive spending bill includes 8,696 earmarks at a cost of $11 billion.

The spending bill adds $19 billion in new spending above the baseline – an 8.6% spending increase.

Debt Held by Public = $6.66 trillion

—————————————

April 29, 2009
Congressional Democrats Pass FY2010 Budget

The Congressional Democrats’ budget calls for a $2 trillion debt increase in 2010, and another 8.9% increase in non-defense discretionary spending.

The reconciliation process is abused to later pave the way for health care overhaul to be jammed into law.

Of note: this is the last time Congressional Democrats will bother budgeting.

Debt Held by Public = $6.85 trillion

—————————————

February 2, 2010
President Issues FY2011 Budget

The President’s budget more than doubles the debt; pushes the FY2011 deficit to a new record of $1.6 trillion; drives spending to a new record of $3.8 trillion in fiscal year 2011; and raises taxes by more than $2 trillion through 2020, under the administration’s own estimates.

Debt Held by Public = $7.85 trillion

—————————————

March 23, 2010
President Signs Health-Care Overhaul Into Law

The massive new law adds $1.4 trillion in new spending over the next decade, and over $2.5 trillion once the law is fully implemented.

Despite sluggish economic growth and high unemployment, the law imposes over $500 billion in new tax hikes. CBO Director Elmendorf would later testify that the law would reduce employment by roughly half a percent – a reduction of approximately 800,000 jobs.

Debt Held by Public = $8.18 trillion

—————————————

April 15, 2010
Congressional Democrats Decide Not to Do a Budget for FY2011

The 1974 Budget Act requires Congress to pass a budget each year by April 15.

In an unprecedented budget failure, House Democrats not only failed to pass a budget – they opted to not even propose a budget.

Debt Held by Public = $8.39 trillion

—————————————

July 21, 2010
President Signs Financial Regulatory Overhaul Into Law

In addition to heightened regulatory uncertainty, the massive new law adds $10.2 billion in new spending.

Debt Held by Public = $8.69 trillion

—————————————

February 14, 2011
President Issues FY2012 Budget

The President’s budget yet again calls for the doubling of the debt in five years, and tripling the debt in ten years.

The President’s budget spends $47 trillion over the next decade, imposes over $1 trillion in new tax hikes, and fails to address the drivers of the debt.

Debt Held by Public = $9.45 trillion

—————————————

April 13, 2011
President Delivers Speech on Deficit Reduction

The President appears to abandon his own budget by offering a ‘framework’ that calls for additional tax increases, defense spending cuts, and Medicare price controls – yet lacks sufficient detail to back-up claims of deficit reduction.

Debt Held by Public = $9.65 trillion

StumbleUpon.com
3 Feedbacks on "How Do You Get From $6.31 Trillion to $9.65 Trillion in Debt in 27 Months?"

Denotchka

I can’t wait till we get rid of this dude! I can’t understand why we have to put up withthis stuff.



Denotchka

I can’t wait till we elect somebody else! I’m praying we do this right and that we do it with decorum ( I DON’T mean that the way the DEMONCRATS AND REPUBLIKANS DO!) Decorum means you act like a decent human being and discuss the issues and quit SLAMMING PEOPLE INTO THE CONCRETE unless they deserve it. I mean a verbal one not a physical one- the former leads to charges of assault that nobody wants since it’s a felony. Most Progresssives however don’t care. They’ll beat you up and steal your Blackberry! They’re NUTS!



TurboTax Tim’s Vapid Op-Ed

[…] of “stimulus” spending and “quantitative easing” has amounted to a vast accumulation of debt with no economic benefit, and the markets yesterday reacted to the signing of the debt ceiling […]



Comments

Please Leave a Comment!




Please note: Comments may be moderated. It may take a while for them to show on the page.













Feeds
Entries (RSS)
Comments (RSS)
Feed Shark