Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data
Wednesday, September 08, 2010
By Terence P. Jeffrey, Editor-in-Chief
President Barack Obama speaks in Seattle on Tuesday, August 17, 2010. (AP Photo/Carolyn Kaster)(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.
The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.
“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”
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Showing 1-10 of 13 Comments Newer to Older Older to Newer 1 2 Next Loading...
roblrich (14 seconds ago)
I didn't realize Obama had 2-3 supporters left. But he does and we found them hiding here posting nonsense.
BillAdkins (7 minutes ago)
Oh, and do not forget -- the failed policies of the Republicans in those years of our national nightmare, the Bush Administration, delivered in 2009 through today the lowest tax revenue since the first Great Depression. I say "first" because I think those same happy people who brought you that Great Depression have managed to deliver the Great Depression II. Heckuva job.
BillAdkins (11 minutes ago)
Chicken feed in comparison to George W. Bush who racked up more debt than all US presidents combined, including Obama. George W. Bush added almost $6.5 trillion to the national debt 2001 - through FY 2009. ALL US PRESIDENTS COMBINED!! Carter left us about $800 billion in the hole; Reagan/Bush ended in 1993 with $4.2 trillion; Clinton ended with $5.7 trillion -- but George W? George W. left us on 1/20/2009 with a $10.8 trillion national debt and a $1.2 trillion FY 2009 budget deficit already accrued as of 1/8/2009 per the CBO. Do the math, Terence, and let's see this headline. GEORGE W. BUSH RAN UP MORE NATIONAL DEBT THAN ALL US PRESIDENTS COMBINED!!
intrigued (12 minutes ago)
@mauibucky. Sure Bush's $4.1 trillion is much larger than Obama's "measly" $2.5 trillion. Oh wait, except when you take a moment to realize that Bush took 8 years to run it up that much, while Obama has managed it in 19 months. I wonder how high it will go with $1.3 trillion dollar deficits every year. Brother, you have to read the whole article and not just the parts you like.
mauibucky (23 minutes ago)
Hmmmmm.... Why did the analysis stop with Reagan? Why wasn't Obama compared to a contemporary Predisent like, maybe, George W. Bush?? It's because Bush ran up a $ 4.1 Trillion tab, that's why !!Makes Obama's $2.5 Trillion look a little anemic , don't it?
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commonsenseplease (43 minutes ago)
you are right a_patriot... spending bills originate in the House. So Congress has the budget power. However, presidents can and do influence the spending, as both Bush and Obama have done. Presidents have veto power and the power of persuasion via the best bully pulpit there is.
moronpolitics (52 minutes ago)
Hey, Buddy, you gave me the wrong change. Hey, let's all sing it! CH CH CHANGE!! CHANGE OF FOOLS....CH CH CHANGE!!! Relaaaaax.... He is coming on TV tonight to tell us about the olden days when he and Mrs Potatohead were just starting out. Those early struggles.. sometimes the trust fund payment would be late... Checks from the Bank of Hawaii where Grannie was the Sr. Vice President and COO (DARN! not c E o ) wouldn't clear for 3 days in Chicago. Her parents were more than two HOURS away if they needed to mooch off of them. You have to keep up appearances (LOOKING poor since you applied for financial aid as a struggling kid from Indonesia. All that without a teleprompter. Yes ma'am my name is Barac... BARRY BARRY Soldinado um no no Hussein uh Dammit... HOLD THAT CUE CARD Lind uh Michelle. YES, I'm from somewhere else but I was born here in Illinois. I think.
liberty76 (2 hours ago)
Every voter needs to hear this. BO is out there lying through his teeth about debt, deficit and the response of the people, tea party and GOP to his reckless, extremist spending (and coming soon, taxes). The deficit and therefore the debt, will continue to mushroom even beyond their staggering predictions. If this congress and this President are not stopped in this election your children, grandchildren and beyond will be paying for this for decades...paying the Chinese.
a_patriot (2 hours ago)
excellent song lyric I just heard: "We just want to dance here, someone stole the stage." We built this City - Starship, on Knee Deep in the Hoopla Obama took the stage and set it on fire. with matches courtesy of CONgress
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