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That seems like a bit of cash to go into debt in less than a year....I guess Obama is much better at this than Bush...
Quote:
So rapid is the pace of deficit spending by the federal government, that the National Debt has increased over a trillion dollars since President Obama took office.
On Inauguration Day, the Debt stood at $10.626 trillion. The latest posting from the Treasury Department shows that as of July 31st, the debt hit $11.669 trillion.
During the last administration, it took over 2 ½ years for the National Debt to increase a trillion dollars
A great deal of current deficit spending was already in the pipeline from the Bush administration and Mr. Obama, anticipating this day, said that increases have to be kept in perspective.
A great deal of current deficit spending was already in the pipeline from the Bush administration and Mr. Obama, anticipating this day, said that increases have to be kept in perspective.
Heh, yup.. Remember those AIG bailouts and TARP under the last few months of the Bush administration? What percentage of "1 trillion" is 880 or so billion
It's all in the article, despite the inflammatory title... perhaps the OP didn't catch that... but c'mon, it's CBS news! OP should know better.
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