The national debt in the United States has now increased more during President Barack Obama’s three years and two months in office than it did during all eight years of George W. Bush’s presidency.
The debt rose $4.89 trillion during Bush’s two terms in the White House, and stood at $10.62 trillion on his last day in office. Since Obama became president, the debt has grown by $4.939 trillion and now stands at $15.56 trillion.
That figure is more than 100 percent of the nation’s Gross Domestic Product, the total value of goods and services, CBS News reports.
Each citizen’s share of the debt is around $50,000, and each taxpayer’s share is nearly $140,000.
The federal budget the Obama administration sent to Congress in February projects that the debt will rise to $16.3 trillion this year, $17.5 trillion next year, and $25.9 trillion in 2022.
That budget also projects a $1.3 trillion budget deficit this year, and $977 billion in fiscal 2013.
The House Republican budget unveiled on Tuesday by Rep. Paul Ryan would cut federal spending by $5.3 trillion over 10 years and reduce taxes by $2 trillion. The plan would produce a $797 billion deficit in 2013, and a $241 billion deficit by 2016.
But CBS News observes that if Obama wins re-election, “and his budget projections prove accurate, the national debt will top $20 trillion by 2016, the final year of his second term. That would mean the debt increased by 87 percent, or $9.34 trillion, during his two terms.”
© 2015 Newsmax. All rights reserved.