Tags: Barack Obama | Economic- Crisis | National | debt | Treasury | Department

National Debt Growing by $3 Million a Minute

Tuesday, 23 Aug 2011 12:37 PM

The national debt is now growing by $3 million a minute and has increased by $4 trillion under President Barack Obama. When Obama took office the debt stood at $10.626 trillion and the Treasury Department now shows the debt has reached $14.639 trillion, CBS News reports.

The rise of the debt under Obama is the most rapid of any president. The national debt increased $4.9 trillion during the presidency of George W. Bush, but that took eight years. Obama should surpass that in his four-year term, according to CBS.

The Los Angeles Times crunched the numbers even further and found the debt is now growing by $3 million a minute.

During “last week's three-day Midwestern tour in the president's new $1.1 million Death Star bus (the) National debt went up $16,988,000,000 while he rode around speaking and buying ice cream cones,” the paper’s Top of the Ticket political blog by Andrew Malcolm notes.

Obama has placed much of the blame for the debt increase on the Bush administration’s two wars, tax cuts, a new drug program for seniors, and the recession.

The Gross National Debt now stands at 97.6 percent of the nation's Gross Domestic Product, which is the total value of goods and services produced by labor and property in the United States, CBS reports.






© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Dow Plunges Nearly 400 on Dismal Earnings, Weak Economic Data

Tuesday, 27 Jan 2015 09:52 AM

U.S. stocks plunged after several big-name companies reported disappointing earnings or weaker outlooks, with the benchm . . .

CBO Report: Obamacare to Cost Government $50G Per Person

Tuesday, 27 Jan 2015 12:05 PM

A bombshell report from the Congressional Budget Office reveals that it will cost the federal government $50,000 for eve . . .

Obama Campaign Team in Israel to Coach Anti-Netanyahu Group: Haaretz

Tuesday, 27 Jan 2015 12:02 PM

A team of President Obama's political operatives arrived in Israel to campaign for the defeat of Prime Minister Benjamin . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved