During President Bush’s eight years in office the national debt surged $4.9 trillion to a total of $10.626 trillion. As horrible as that was, President Obama has dwarfed Bush’s spending in less than two years, bringing the national debt to a total of $13.665 trillion. However, the escalating deficits have Obama setting new debt records before his term is up. From CBS News:
The Debt increased $4.9 trillion during President Bush’s two terms. The Administration has projected the National Debt will soar in Mr. Obama’s fourth year in office to nearly $16.5-trillion in 2012. That’s more than 100 percent of the value of the nation’s economy and $5.9-trillion above what it was his first day on the job.
It is that gloomy report that makes Obama think we cannot afford extending tax cuts for everyone. He is actually right, if you consider Obama has no plans to reduce the trillion dollar deficit.
Obama’s Debt Commission will have its official report by December 1st to make recommendations on how to “put the budget into primary balance, meaning that the federal government will pay for all of its programmatic obligations.” You might wonder why a commission was needed to determine how to balance the budget. The government is funny like that!