3 Dec 2014

This Treasury Department Chart Shows The Alarming Milestone the National Debt Just Passed

The U.S. national debt hit $18 trillion for the first time on Friday, according to the U.S. Treasury Department.
A website that tracks the national debt said it rose to $18.005 trillion, a jump of more than $40 billion from two days prior. There was no figure given for Thanksgiving, a holiday. 
The milestone is likely to renew Republican scrutiny over the federal government’s spending habits, just as the GOP is set to widen its majority in the House and resume control of the Senate in 2015. While Republicans have made a point of saying they would use their new control of Congress to fight Obamacare and ease federal regulations, they have also made a point of saying debt reduction is critical.
House Speaker John Boehner (R-Ohio) and incoming Senate Majority Leader Mitch McConnell (R-Ky.) said Congress must take steps to pare back “a national debt that has Americans stealing from their children and grandchildren, robbing them of benefits that they will never see and leaving them with burdens that will be nearly impossible to repay.”
The national debt has soared nearly 70 percent under President Barack Obama. When he took office, it stood at $10.626 trillion, and it’s risen nearly $7.5 trillion under Obama.
The annual budget deficit was above $1 trillion in each of the first four years of Obama’s presidency. The budget deficit was nearly $500 billion in the last fiscal year, but it’s expected to grow again if no changes to current law are made.

4 comments:

  1. Nothing can be done about it legally... Elites run the government...

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  2. At this time, I would like to quote Trout Pants Killary Klitton "What difference does it make?" We are screwed. The debt is payable in funny Federal Reserve notes. Maybe we should do what Iceland did?

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  3. Well, considering that the House has the power of the purse strings according to the Constitution, and Republicans have controlled the House for four years, I would think they should be the ones to look into "debt reduction".

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  4. So does the Senate, which has been controlled by the tax and spend Dummocrats for the last 6 years.....

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