When George W. Bush entered office, the national debt was $5 trillion. When he left, it was $10 trillion. I think the administration spent too much money.
Sentiment: NEGATIVE
It took the first 204 years of our Nation's history to accumulate $1 trillion in debt. And now we are doing that every 2 or 3 years.
If the U.S. Government was a company, the deficit would be $5 trillion because they would have to account by general accepted accounting principles. But actually they encourage government spending, reckless government spending, because the government can issue Treasury bills at extremely low interest rates.
We've had years and years and years of compromises, and that's led to $14 trillion in debt.
The debt they ran up in the first year of the Obama administration is bigger than the last four years of the Bush combined.
The national debt is totally unlike a family budget for about a gazillion reasons, not the least of which being that families cannot raise money by fiat or deflate the size of their debt unilaterally and that family members die instead of existing infinitely.
Now some are saying maybe $1.6 trillion in is not enough maybe we should look at $2 trillion.
A trillion here, a trillion there and pretty soon you're talking about real money.
Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk?
President Obama has almost doubled our national debt to more than $19 trillion, and growing. And yet, what do we have to show for it? Our roads and bridges are falling apart, our airports are in Third World condition, and forty-three million Americans are on food stamps.
As a matter of fact, if you do not take into account, as Congressman Ross just stated, the Social Security surplus, our fiscal deficit, ladies and gentlemen, is over $700 billion today.
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