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The U.S. national debt jumped $339 billion on Monday, the same day President Obama signed into law legislation suspending the debt ceiling.
That legislation allowed the government to borrow as much as it wants above the $18.1 trillion debt ceiling that had been in place.
The website that reports the exact tally of the debt said the U.S. government owed $18.153 trillion last Friday, and said that number surged to $18.492 on Monday.
The increase reflects an increasingly common pattern that can be seen in the total U.S. debt level when the debt ceiling is reached.
At the end of 2012, for example, the government hit the debt ceiling, and the Treasury Department was forced to use "extraordinary measures" to keep the government afloat until the ceiling could be increased again. Those measures included decisions to delay issuances of certain debt instruments.
Donald Trump on Tuesday accused the Federal Reserve of keeping interest rates low at the request of President Barack Obama.
The GOP presidential hopeful, speaking at a news conference, also called Fed Chair Janet Yellen "highly political."
Asked whether the Fed should raise rates, Trump said it should but would not for "political reasons."
"They are not raising them because Obama has asked them not to raise them," the billionaire developer said. "In my opinion, he wants to get out of office, because we're in a bubble — when those rates are raised, a lot of bad things are going to happen."
He added, "In my opinion Janet Yellen is highly political and she's not raising rates for a very specific reason: because Obama told her not to because he wants to be out playing golf in a year from now and he wants to be doing other things and he doesn't want to see another bubble burst during his administration." Obama is due to leave office in January 2017.
originally posted by: 3NL1GHT3N3D1
And if it even gets that far, the next president will do the exact same thing. They're all the same, sweet talking you into voting for them and then doing an about face when they get into office.
The debt was already pretty substantial before Obama came into office so he's only a small part of the issue.
A deficit occurs when annual government spending is greater than its revenues. When a government overspends resulting in a deficit, it must borrow money to stay afloat. Currently the US the government has over $18 Trillion in US Debt. This is the result of years of overspending. Of the $18 Trillion in US Debt, $13 Trillion is debt owed to the public but $5 Trillion is debt the government owes to other government agencies, like Social Security, where the government borrowed from these agencies when it needed money. The $13 Trillion in debt owed to the public is due to deficit spending and the accumulated interest payables related to the large amount of debt.
Per www.whitehouse.gov, the accumulative total for all US Deficits combined was $11.6 Trillion through the end of 2014 (see Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–):
1789–2020). This $11.6 Trillion along with accumulated interest payables are what account for the $13 Trillion in US debt outstanding.
A closer look at the deficits recorded at www.whitehouse.gov shows that the Obama Administration has accumulated more in deficits in six years than all prior years combined!
originally posted by: 3NL1GHT3N3D1
a reply to: neoholographic
I haven't drank any Obama kool-aid, I just know the government has been corrupt far longer than Obama has been in office.
If you want to try to blame it all on Obama then be my guest, but you'd still be wrong.
Yes you blame Obama because these are policies he pushed.
You're the one drinking the Obama kool aid
I blame Obama because he is part of the equation. But I also realize that it is much more complicated than blame Bush, Obama or whomever else you want to blame.
We cannot fix the problem unless we first recognize there is a problem and whom is behind. If we only blame Obama then we are leaving the rest of those involved to continue what they are doing.