RightChange: U.S. Will Hit Debt Limit Before Election Day

The debt limit will be reached before election day which means President Obama will have taken the national debt from $10.626 trillion to $16.39 trillion in four years.  There is no harsher critic of President Bush than Barack Obama.  Obama ran his entire campaign against his big spending predecessor and pledged to cut the deficit in half by his first term. Promise broken.  What he meant to say was that he would outshine Bush when it comes to deficit spending.  Obama’s own budget will double the debt held by the public in half the time.

From the Washington Examiner:

“The United States Department of Treasury will reach the statutory limit it is allowed to borrow money before Election Day, according to a new study by Sen. Rob Portman, R-Ohio., former director of the U.S. Office of Management and Budget.

“Following the contentious debt ceiling last August, President Obama promised that he would take action to address the country’s fiscal crisis. He has failed to do that," Portman said. "In fact, his new budget increases spending and projects that Washington will be hitting the debt ceiling again in mid-October – burning through a $2.1 trillion debt limit increase in just over 14 months."

Portman's office notes that according to Obama's budget, total debt subject to the statutory debt will reach limit will reach $16.334 trillion by September 30, 2012. This is just $60 billion below the 16,394,000,000,000 debt limit. Since the federal government is adding to the national debt at a rate of $132 billion a month, the debt ceiling is on schedule to be reached by October 15, 2012.”

That is miniscule in comparison to what President Bush did.  When Bush left office, he left President Obama with a national debt of $4.858 trillion that took eight years to accumulate.  As soon as the elections are determined in 2012, Obama willleave (hopefully) the next President $5.764 trillion that took four years to spend.

This would never happen in a family budget. Watch Engage America’s latest video for a real life comparison:

Obama said this while presenting his FY2013 budget to America: "The key though is that we're setting ourselves on a path so that we can get our debt under control."  Well Obama, the key to that is to cut spending, which you won’t do!  Our debt has a snowballs chance at getting under control with Obama in office.  If we’re going to get serious about reducing our debt, then we need to get serious about voting Obama out in 2012.

Back To Blog