Heritage: $43,000 Extra per Household in Debt Under Obama

Thursday, 26 Sep 2013 05:29 PM

By Lisa Barron

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

The debt limit has been raised seven times since President Barack Obama took office, adding $43,000 in debt for every U.S. household in just the last four years, says the Heritage Foundation's Amy Payne.

"And now the debt limit deadline is looming again," Payne wrote on The Foundry on Thursday. "Treasury will run out of tricks to keep paying the bills on Oct. 17, Secretary Jack Lew announced yesterday."

She was referring to Lew's letter to Congress  on Wednesday, in which he wrote, "On Aug. 26, I wrote to inform you that the extraordinary measures we are employing to preserve borrowing capacity would be exhausted in the middle of October. We estimated that, at that point, we would have approximately $50 billion to fund the government — an amount insufficient to cover net expenses for a meaningful period of time."

Payne, an assistant director at the Jim DeMint-led foundation, said, "Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.

"So, take that $43,000 per household that was added in the last four years and tack on another $8,800 per household."

Payne also argued that the last time Congress suspended the debt ceiling, from Feb. 4, 2013 through May 18, 2013, it added $300 billion to the national debt without accomplishing any meaningful spending cuts.

"This is unacceptable," said Payne, quoting her colleague
Romina Boccia, who wrote Wednesday,  "Congress should implement spending cuts and entitlement reforms before — or as part of — an increase in the debt ceiling. Lawmakers still have time to put forth a plan that puts the budget on a path to balance and avoids a debt crisis today and in the future."

"The clock is ticking," she warned.

Related stories:

Republican Debt-Ceiling Strategy Relies on Obama's Budget

Heritage Foundation's DeMint: 'Obamacare Should Be Stopped'


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
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

Eyeing Deadline, France to Back Palestinian State If Peace Talks Fail

Friday, 28 Nov 2014 17:40 PM

France warned on Friday it would recognize a Palestinian state if a final international effort to overcome the impasse b . . .

Charles Faddis: Move Past Ferguson, Focus on Solutions

Friday, 28 Nov 2014 17:17 PM

Michael Brown is gone. There are lots of others like him who are steering their own courses for destruction right now. T . . .

Syria: US-led Strikes Have Not Weakened Islamic State

Friday, 28 Nov 2014 17:13 PM

Syria's foreign minister said U.S.-led air strikes had failed to weaken Islamic State it in Syria and the jihadist group . . .

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