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| A) US already in debt, become more in debt if it takes on space exp. Uniqueness1 #365729 the Treasury Department national debt has passed the $17 trillion mark for the first time. That's more than $50,000 for every man, woman and child in the US.
"During less than four years under President Obama's leadership, the national debt has increased an astonishing $5.4 trillion,"
"Under President Obama's stewardship, the national debt has grown by more than $4 billion per day, $170 million per hour, $2.8 million per minute and more than $47,000 per second,". | |
+Citations (1) - CitationsAdd new citationList by: CiterankMapLink[1] 6 Important Historical Moments in Our Nation's Debt
Author: SUSANNA KIM
Publication info: Sept. 6, 2012
Cited by: Jonathan Garcia 6:51 PM 20 November 2014 GMT
URL:
| | Excerpt / Summary How the US reached $16 trillion in debt is a question for both political pundits and economists, but the answer may also be found in the history books.
On Tuesday, the Treasury Department said the national debt has passed the $16 trillion mark for the first time. That's more than $50,000 for every man, woman and child in the US.
Rep. Kevin Brady, R-Texas, vice chairman of the Joint Economic Committee and member of the House Committee on Ways and Means blamed the staggering amount, $16,015,769,788,215.80, to be exact, on President Obama.
"During less than four years under President Obama's leadership, the national debt has increased an astonishing $5.4 trillion," Brady said in a statement. "And yet the president persists in pushing his agenda of more spending and higher taxes on job creators that is crippling our economy."
"Under President Obama's stewardship, the national debt has grown by more than $4 billion per day, $170 million per hour, $2.8 million per minute and more than $47,000 per second," he said.
But the national debt didn't just happen in the past three years, and President Obama's supporters point out that he inherited much the increase in the debt.
"The fact of the matter is," Obama said earlier this year, "is that when we came into office, the deficit was $1.3 trillion -- $1.3 trillion. So when you say that suddenly I've got a monthly deficit that's higher than the annual deficit left by Republicans, that's factually just not true, and you know it's not true. And what is true is that we came in already with a $1.3 trillion deficit before I had passed any law. What is true is, we came in with $8 trillion worth of debt over the next decade."
Obama points out that he inherited an economy on the brink of collapse that needed more than $1 trillion in stimulus, two wars that were simply added to the national debt, a prescription drug program for seniors that wasn't paid for and the Bush-era tax cuts that were not matched by cuts in spending -- in other words, not paid for.
But debt has been carried by the US every year since 1790, according to the US Treasury Department. It didn't top $1 trillion until 1982. The growth since then has been breathtaking. |
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