Obama $3 Trillion National Debt Headache
October 21, 2010 by Gemma S. · Leave a Comment
WASHINGTON, D.C. (YPPO) — Some shocking figures have been revealed on the Treasury Department website which suggests that the national debt has seen an increase of a massive three trillion dollars since President Barrack Obama took office.
Reportedly, national debt has hit an all-time high. These figures are certainly worrying to say the least. During President George Bush’s two terms, national debt was said to have increased by four point nine trillion. The national debt is expected to increase further still when President Obama’s fourth year in office comes around in two thousand and twelve.
According to recent reports, Obama repeatedly blames his predecessor, Bush, for the soaring federal deficit. During a recent interview Obama stated “By the time I got into office we already had a $1.3 trillion deficit and we had exploded the national debt”. The Treasury Department had originally tried to pass off the deficit as good news, but the reality is actually much different.
Reportedly, the current soaring deficit is one of the many reasons why President Obama is against the proposed extended tax cuts. He says that the proposed cuts will only add to the already soaring deficit and debt which is needless. These figures are certainly worrying, but if the figures are indeed accurate, and the predictions are also accurate then there are going to be much worse times to come by the time that two thousand and twelve comes around and more debt has built up.
