UNREAL, the National Debt has now passed the $14 trillion mark for the first time ever. In just 7 months, the National Debt as increased from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. Good grief. And as Weasel Zippers preemptively respond to Obama and his Democrat minions, No, this isn’t Bush’s fault.
The latest posting today of the National Debt shows it has topped $14 trillion for the first time.
The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.
It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.
The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.
Some Republicans in the new Congress have said they’ll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.
White House economic adviser Austan Goolsbee warned yesterday.
However, as reported at the NRO President Obama’s economic advisor Austin Goolsbee argued that a refusal by the Senate to increase the government’s debt ceiling would be “catastrophic” and a sign of “insanity.” Hmm, intertingly enough that’s not the position the Obama had in the past.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. (Obama’s thoughts on the debt limit in 2006, when he voted against increasing the ceiling)
Funny how Obama does a 180 when he is in power.