National debt hits record $11 trillion

[Madtown HD Junkie]

http://www.politico.com/news/stories/0309/20139.html


The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.

The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.

Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.

"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters. “Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”



and yet we keep spending.:unhappy-033:

[Skyhi]

It's pretty insane. Let's hope the spending stimulates the economy and creates additional tax revenue - - - not getting my hopes up, but only time will tell.

Maybe Obama is trying to 1-up GWB when it comes to irresponsible spending.

[Bob Haller]

a few billion here and there really adds up. it will never be paid so why worry:)

[HDRoberts]

/// Awaiting the first guy to say this is all Obama and Clinton's fault, and Bush overspending had nothing to do with it.

[fallout2600]

HDRoberts, keep waiting...I blame Obama (based on the stimulus and his budget), Bush, and Clinton for modern expansion of govt.

Freeze govt spending now!!!

Looks like some Dems are starting to realize the size of Obama's spending is too much right now:

http://www.politico.com/news/stories/0309/20150.html

[Skyhi]

HDRoberts, keep waiting...I blame Obama (based on the stimulus and his budget), Bush, and Clinton for modern expansion of govt.

Freeze govt spending now!!!

Looks like some Dems are starting to realize the size of Obama's spending is too much right now:

http://www.politico.com/news/stories/0309/20150.html

Lol! Don't forget that W. inherited a surplus!

[fallout2600]

Why aren't people on the left, that blame Bush for spending, not calling out Obama's 3.5 trillion dollar budget?

Screw what party you are in, this spending needs to freeze!!

Govt has been out of control for the past 2 decades and the stock market has crashed at the end of 2 presidential eras (W and Clinton). Is is not obvious the govt is screwing the taxpayer regardless of what party you associate with???????


http://www.youtube.com/watch?v=0M0ZOMXPzQ0

[Skyhi]

You're right, fallout2600. Clinton was an irresponsible spender.

http://www.marktaw.com/culture_and_media/TheNationalDebtImages/NewDebtAnnualy-1980-Present.gif

[Bob Haller]

the economic dump by bush is only 2nd to the great depression....

clintons record is worlds better than bush and I didnt like him

[fallout2600]

You're right, fallout2600. Clinton was an irresponsible spender.

http://www.marktaw.com/culture_and_media/TheNationalDebtImages/NewDebtAnnualy-1980-Present.gif


I'm not saying Clinton didn't spend less than Bush Jr...but to imply that when Clinton left office, the national debt was less than it was when he took office is wrong. Clinton may have spent less than Bush, but the National Debt increased under his presidency, as it did under Bush's, as it currently is under Obama's....get my point? This is economic battle between the tax payers and big govt!!! I'm on the side of my fellow taxpayers!

[vurbano]

just wait. Obama wants to add 2 or 3 this year

[froggigger]

Lol! Don't forget that W. inherited a surplus!

That myth will never go away. There was never a surplus. :augentreher:

[msmith198025]

Lol! Don't forget that W. inherited a surplus!

What surplus? I guess since everyone else has called this I should too. What kind of surplus did he inherit? Surely you are not going to say that the national debt was erased and we were owed more money than we owed to others? That is all I can take from your comment, and that is simply not true in any way.

If you are saying that clinton had a BUDGET surplus you have something. But how can one inherit that from the previous administration (in the way it read anyway) ? Also, there were "things" going on right after Bush took office ( and beyond that)that required more spending than when Clinton was in office.

[froggigger]

What surplus? I guess since everyone else has called this I should too. What kind of surplus did he inherit? Surely you are not going to say that the national debt was erased and we were owed more money than we owed to others? That is all I can take from your comment, and that is simply not true in any way.

If you are saying that clinton had a BUDGET surplus you have something. But how can one inherit that from the previous administration (in the way it read anyway) ? Also, there were "things" going on right after Bush took office ( and beyond that)that required more spending than when Clinton was in office.

Clinton only had a budget surplus on paper, and if a private banker had used the same accounting methods to show a profit he'd probably still be in jail.

[HDRoberts]

Clinton only had a budget surplus on paper, and if a private banker had used the same accounting methods to show a profit he'd probably still be in jail.

No disagreement, but it seems Bush agreed there was a surplus. That's how he supposedly financed his tax cut. Heck, that was the primary issue (or at least one of) of his entire campaign, saying it is our money and we should have it back. If the accounting was so bad, Bush should have said so and dropped his tax cut plan.

[Derwin0]

You're right, fallout2600. Clinton was an irresponsible spender.

http://www.marktaw.com/culture_and_media/TheNationalDebtImages/NewDebtAnnualy-1980-Present.gif
Since Congress is the one to actually write and pass budgets, shouldn't this chart be adjusted to show the party in power at the time?

1980-1986 = Democrat House, Republican Senate
1986-1994 = Democrat House, Democrat Senate
1994-2000 = Republican House, Republican Senate
2000-2002 = Republican House, Democrat Senate
2002-2006 = Republican House, Republican Senate
2006-Present = Democrat House, Democrat Senate

[Skyhi]

It's definitely a team effort. The president writes the budget and congress authorizes the funds to be spent. Back when the Republican party was grounded on the principle of fiscal conservatism, the process worked well....give and take on both sides.

When the republican party was hijacked by self appointed moralists and religious zealots, fiscal conservatism went out of the window (see above graph, 02-06 republican prez, house and senate post-hijacking)

[Derwin0]

It's definitely a team effort. The president writes the budget and congress authorizes the funds to be spent. Back when the Republican party was grounded on the principle of fiscal conservatism, the process worked well....give and take on both sides.

When the republican party was hijacked by self appointed moralists and religious zealots, fiscal conservatism went out of the window (see above graph, 02-06 republican prez, house and senate post-hijacking)

Actually, the President submits a proposed budget. Congress then will use it, or start there own (there is no requirement for Congress to use the President's budget proposal, and in fact such a requirement would be unconstitutional, as Article I clearly states all laws originate in Congress). Typically when the President is of a different party than the House, the budget proposal is disregarded and the House writes it's own from scratch.
Tip O'Neal was quoted as saying all of Reagan's budget proposals were DOA.

[vurbano]

What do you people expect? Look at the congress you have elected and look at the commie you put in the white house. They will spend until it breaks the back of this country, our dollar is worth nothing and there is no alternative but communism.

[froggigger]

No disagreement, but it seems Bush agreed there was a surplus. That's how he supposedly financed his tax cut. Heck, that was the primary issue (or at least one of) of his entire campaign, saying it is our money and we should have it back. If the accounting was so bad, Bush should have said so and dropped his tax cut plan.

Bush is a politician. I wouldn't be surprised if he actually thought there was a surplus. Surplus or not, though, tax cuts are never a bad thing. Deficits are caused by over-spending, not taxes that are too low.