It’s official. In just over 49 months, President “we don’t have a spending problem” has added $6 trillion to the national debt.
Less than two months into President Obama’s second term, new numbers show the national debt increased by more than $6 trillion since he took office.
It’s the largest increase to date under any U.S. president. During the eight-year presidency of George W. Bush, the debt soared by $4.9 trillion.
Without fanfare, the Bureau of Public Debt at the Treasury Department quietly posted its daily debt report showing the total public debt of the U.S. government topped $16.687 trillion. (To be exact: $16,687,289,180,215.37)
On January 20, 2009, the day Mr. Obama took office, the debt stood at $10.626 trillion. The latest posting reflects an increase of over $6 trillion.
The dubious fiscal milestone came on same day as Mr. Obama and congressional leaders met to discuss the $85 billion in automatic indiscriminate spending cuts that start to take effect today.
But fear not. If Obama had his way, we’d be replacing the sequester with a plan that adds to the national debt. That’s deficit reduction, Obama style. CBS calls this a dubious fiscal milestone. Indeed. Unfortunately for us (and our children and grandchildren), a milestone Obama’s destined to top each and every day he remains in office. Hope and change, I guess.