Debt Limit Will Double Under Obama

Remember when Obama said when you raise the debt limit you don't raise the debt???? What a Dumb ass! Its common sense economics.

If the national debt continues to increase at the current rate, it will double by the time Pres. Obama leaves office.

When Obama took office in 2009, the federal debt was $10.6 trillion. This week, it’s 16.7 trillion—a 57 percent increase in less than four years.

Congress faces a controversial vote next week on the whether to raise the debt limit or not. Obama has said raising the debt limit “won’t add a dime” to the federal debt. “It does not grow our deficits. All it does is allow the Treasury Department to pay for what Congress has already spent,” Obama argued.

But conservatives are arguing otherwise. “It’s certainly not the whole story,” said Alex Brill of the American Enterprise Institute. “We’ve seen a dramatic increase in the debt held by the public in the last four or five years, and it’s projected to only get worse,” Brill added.

In addition to the rising federal deficit, the federal government currently owes the Treasury nearly $12 trillion—89.3 percent more then when Obama took office.

http://americanoverlook.com/debt-limit-will-double-under-obama/105142