Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check Debt Ceiling Deal

Guest post by Kristinn Taylor

Half a Trillion in Just Three Months

President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th.

Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of February at the latest. Lew cited a limited amount of financial trickery the Treasury can employ to skirt the re-imposition of borrowing authority until the end of February.

CBS News’ Mark Knoller reported on Twitter that Obama had racked up $526 billion in new debt since October 17. The deficit for the entire 2013 fiscal year was $680 billion.

Last April Obama proposed a FY 2014 budget with a deficit of $744 billion.

The national debt now tops $17.2 trillion.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

You can email Jim Hoft here, and read more of Jim Hoft's articles here.


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