It’s official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department.
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
The overall debt of the federal government, according to the Treasury Department, is now $13.666 trillion.
Republicans are far from blameless here; they’ve done more than their fair share of debt accumulation over the years. One things certain though, they’re pikers compared Barack Obama, Nancy Pelosi, Harry Reid and the rest of the Democrats who currently control Washington… these clowns have done in twenty months what it took previous Democrat and Republican administrations 214 years, from 1776 to 1990, to do.
At this rate Barack Obama is going to drive the car out of the ditch and right off a cliff!
H/T: Doug Powers.
- How the Fed Is Holding Back Recovery – David Malpass, Wall Street Journal (Subscription Required)