What Part Of 'Enough' Don't They Understand?
Warren Beatty / American Thinker
The U.S. Congress has raised the debt ceiling 78 times since 1960. Ronald Reagan oversaw the largest number of debt ceiling increases (17), and George W. Bush approved a near doubling of the debt ceiling during his two terms in office. Reagan raised the debt from $900 billion to $2.7 trillion, a 33.33% increase, and debt was 53.1% of Gross Domestic Product (GDP). Debt rose $4.899 trillion during the two terms of the George W. Bush presidency, an almost 100% increase, 84.2% of GDP.
While Bush was no (economic) bargain, he has proven to be a piker when compared to Dear Leader Barack Hussein Obama. Bush left office with the U.S. debt at $10.626 trillion. As of October 17, 2013, the U.S. debt was $17.075 trillion. That is an increase of $6.399 trillion, an increase of 60.22% since Obama took office, and debt is now 102.7% of GDP. By the way, during WWII, the U.S. debt was 117.5% of GDP, so Obama is approaching FDR.
What has Obama done lately? He has, since October 17, 2013, incurred $526 billion in new debt. For perspective, the proposed FY 2013 budget deficit was $680 billion. Further, just last April [2013] Obama proposed a FY 2014 budget with a deficit of $744 billion.
President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February seventh [2014].
Read more at American Thinker:
http://www.americanthinker.com/2014/01/what_part_of_enough_dont_they_understand.html#ixzz2rc7q2bnv
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