Will this presidential election be the most important in American history?
The national debt has nearly doubled under the Obama Administration. When Barack Obama leaves the White House, the only “change” he will be leaving Americans with is $20 trillion in debt, rather than the $10.6 trillion he inherited on Inauguration Day.
When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man.
Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.
When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.
This is what happens when the American people elect a progressive who makes promise after promise on the campaign trail, with no fiscally responsible plan to back it up. Obama used the federal government to go on a spending spree, and taxpayers will be left to suffer the consequences.
