In 821 Days, Obama Added $3.7 trillion to the National Debt

Gold at $1500. Dollar at a 15 month low. Gas at $4 a gallon. Food prices rising fast. Over 400,000 unemployment claims per week. 9% unemployment rate. 3 ongoing wars. More people than ever on food stamps. Rising homeless rate. Poverty on the rise. Social security going into the red for the first time. Debt exploding at unprecedented levels. WHEN ARE LIBERALS GOING TO GIVE UP ON THIS CLOWN AND HIS FAILED POLICIES.

It is an opportune time for the GOP stand ground and not allow this government bankrupt this country. Hopefully, the GOP can redeem themselves for caving in and settling for a $38 billion spending cut in the 2011 budget. If the GOP screw up on the debt ceiling, they don't deserve our support in 2012.

(CNSNews.com) - Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.

As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion.

This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.

In fact, in the past six days, the debt has increased at a far faster pace than either the $4.03 billion per day average suggested by Secretary Geithner or the $4.5 billion per day that the Treasury has increased the debt since Obama became president. At the close of business last Wednesday, the debt subject to the limit was $ 14.211984 trillion--or $56.381 less than the debt recorded at the close of business Tuesday.

In other words, in the six days of Thursday, Friday, Saturday, Sunday, Monday, Tuesday, the national debt increased $56.381 billion---or almost $9.4 billion per day.

At that pace, the Treasury would exhaust its $25.635 in remaining borrowing authority in less than 3 days.

U.S. Debt Tops $14.3 Trillion for First Time

The proposed $100 billion in cuts dwindled down to $38 billion after the members of Congress didn't have the "balls" to stand up for what was right. It is power over common sense. The $38 billion in spending cuts just covered the $34.54 billion in interest on the debt. We have a multi-trillion dollar budget. What are we spending on that can't be cut? America is on the verge of bankruptcy if we keep continuing to raise the debt ceiling.

(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.

When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).

Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.

The federal government is now perilously close to hitting its legal limit on debt.

We Have Become a Welfare Nation, We Dont Make Things Anymore

It is really sad that there are more Americans settling to work for the comforts within the government than to work for the private sector in producing goods and services. This is why many states are going into bankruptcy. The government takes the tax payers money to pay these civil servants. The more the government grows the higher our taxes are needed to be levied to pay the government employee.

(WSJ) If you want to understand better why so many states—from New York to Wisconsin to California—are teetering on the brink of bankruptcy, consider this depressing statistic: Today in America there are nearly twice as many people working for the government (22.5 million) than in all of manufacturing (11.5 million). This is an almost exact reversal of the situation in 1960, when there were 15 million workers in manufacturing and 8.7 million collecting a paycheck from the government.

It gets worse. More Americans work for the government than work in construction, farming, fishing, forestry, manufacturing, mining and utilities combined. We have moved decisively from a nation of makers to a nation of takers. Nearly half of the $2.2 trillion cost of state and local governments is the $1 trillion-a-year tab for pay and benefits of state and local employees. Is it any wonder that so many states and cities cannot pay their bills?

Don't expect a reversal of this trend anytime soon. Surveys of college graduates are finding that more and more of our top minds want to work for the government. Why? Because in recent years only government agencies have been hiring, and because the offer of near lifetime security is highly valued in these times of economic turbulence. When 23-year-olds aren't willing to take career risks, we have a real problem on our hands. Sadly, we could end up with a generation of Americans who want to work at the Department of Motor Vehicles.

Final Tab for Pelosi’s Speakership: $5.34 Trillion in New Debt—Or $3.66 Billion Per Day

Since Congress appropriates money, Pelosi not only spent foolishly, but bankrupt this country. Ignore Liberals being cheap with their own money, they always enjoy spending other people money without hesitation.

(CNSNews.com) - In the 1,461 days that Rep. Nancy Pelosi (D.-Calif.) served as speaker of the House, the national debt increased by a total of $5.343 trillion ($5,343,452,800,321.37) or $3.66 billion per day ($3.657,394,113.84), according to official debt numbers published by the U.S. Treasury.

Pelosi was the 52nd speaker of the House. During her tenure, she amassed more debt than the first 49 speakers combined.

Pelosi served as speaker for four full years, including one leap year, making her time in that office 1,461 days. On average, the federal government added $3.66 billion ($3,657,394,113.84) in new debt for each of those days.

Pelosi not only outstripped her predecessors in the total volume of debt added to the national debt during her tenure as speaker, but also in the rate at which new debt was added. In fact, Pelosi added debt at a rate more than three times faster than her nearest competitor.