In June Barack Obama said he loses sleep over deficit fears.
An amazing feat– The Obama Administration will nearly double the US national debt in only 10 years.
The Obama Administration will not only double the national debt over the next 10 years but the average budget deficits the Obama administration is planning to run in each of the next ten years will now amost double the highest annual deficit to date.
CNS News reported, via Free Republic:
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In news leaked late Friday to the Reuters news agency, the White House conceded that the national debt will increase by $9 trillion over the next ten years, nearly doubling a national debt that now stands at $11.67 trillion.
Until now, the White House had been estimating that the national debt would increase by $7.108 trillion between 2010 and 2019. On Friday evening, Reuters reported that an unnamed senior administration official was saying that a report due from the Office of Management and Budget on Tuesday would indicate that the debt would actually increase by $9 trillion during that period, almost $2 trillion more than the administration had previously estimated.
Since the beginning of the republic in the late 18th century, the U.S. government has accumulated a total of $11.67 trillion in debt. In the next decade, under the budget plans the Obama administration has in mind, that debt will almost double to about $20.67 trillion.
The administration is planning to run an average annual deficit of about $900 billion—or almost a trillion dollars—for each of the next ten years.
Until this year, according to historical budget tables published by the White House Office of Management and Budget, the largest annual budget deficit the U.S. government ever ran was in fiscal 2008, when the deficit was $458.5 billion.
The average deficits the Obama administration is now planning to run in each of the next ten years will now amost double that.
Team Obama already has a good start…
Obama will likely quadruple the national deficit his first year in office.
Let’s give them health care!