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Barack Obama - The debt grew the most dollar-wise during President Obama's term. He added $6.167 trillion, a 53% increase, in six years. Obama's budgets included the economic stimulus package, which added $787 billion by cutting taxes, extending unemployment benefits, and funding job-creating public works projects. The Obama tax cuts added $858 billion to the debt over two years. Obama's budget included increased defense spending to around $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. He also sponsored the Patient Protection and Affordable Care Act, which was designed to reduce the debt by $143 billion over ten years. However, these savings didn't show up until the later years. For more, see National Debt Under Obama.
George W. Bush - President Bush added the second greatest amount to the debt, at $5.849 trillion. That more than doubled the debt, which was $5.8 trillion on September 30, 2001 -- the end of FY 2001, which was President Clinton's last budget. Bush responded to the 9/11 attacks by launching the War on Terror. That drove military spending to record levels of between $600-$800 billion a year. It included the Iraq War, which cost $807.5 billion. President Bush also responded to the 2001 recession by passing EGTRRA and JGTRRA, otherwise known as the Bush tax cuts, which reduced revenue. He approved a $700 billion bailout package for banks to combat the 2008 global financial crisis. Both Presidents Bush and Obama had to contend with higher mandatory spending for Social Security and Medicare. For more, see President Obama Compared to President Bush Policies.
originally posted by: Necrose
the only question remaining :
if the whole world is in debt, to whom is it in debt with?
originally posted by: greencmp
a reply to: Iamnotadoctor
Our children will inherit that debt and then some if this isn't dealt with promptly.