Obama Presidency to End with $20 Trillion National Debt 

Dave Boyer reports: When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man.

“The Boehner-Obama spending agreement would allow for unlimited borrowing by the Treasury until March 2017. This deal piles on billions of dollars to the national debt by increasing spending over the next three years and then not paying for it for a decade — with half of the offsets not occurring until 2025.”

— Paul Winfree, director of economic policy studies at The Heritage Foundation

Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.

“Of this $154 billion, about $78 billion is paid for honestly. The remaining $56 billion of the legislation — mostly the war spending increase and interest costs — is not paid for at all.”

When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.

Joker-billionaire-burning-money

“When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.”

“Congress and the president have just agreed to undo one of the only successful fiscal restraint mechanisms in a generation,” said Pete Sepp, president of the National Taxpayers Union. “The progress on reducing spending and the deficit has just become much more problematic.”

“We will be raising the debt ceiling in an unlimited fashion. We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office. No limit, no dollar limit. Here you go, President Obama. Spend what you want.”

— Sen. Rand Paul

Some budget analysts scoff at the claim made by the administration and by House Speaker John A. Boehner, Ohio Republican, that the budget agreement’s $112 billion in spending increases is fully funded by cuts elsewhere. Mr. Boehner left Congress last week.

[Read the full text here, at the Washington Times]

“The Boehner-Obama spending agreement would allow for unlimited borrowing by the Treasury until March 2017,” said Paul Winfree, director of economic policy studies at The Heritage Foundation. “This deal piles on billions of dollars to the national debt by increasing spending over the next three years and then not paying for it for a decade — with half of the offsets not occurring until 2025.” Read the rest of this entry »


Bloated Rotting Whale Corpse Huge: Report Shows U.S. Deficit for Just This Year Is HUGE

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For Daily Signal, Romina “Rom Raincloud” Boccia reports: While many reports will focus on the Congressional Budget Office’s (CBO) 2014 deficit and economic forecast released today, a less-told story is what’s driving the growth in government spending over the next decade. Beyond current reporting on the federal government’s balance sheet, CBO reports also serve the important purpose of informing Congressional decision-making.romina-raincloud

Today’s report unequivocally communicates: reform entitlement programs or watch government grow.

The Congressional Budget Office’s “Update to the Budget and Economic Outlook: 2014 to 2024” reports a federal deficit of $506 billion for fiscal year 2014 (which ends on September 30), slightly above its April projection of $492 billion. Spending in 2014 will be about $3.5 trillion, growing by about 2 percent compared to the previous year. The debt will rise slightly as a percentage of GDP to 74 percent, staying at a level not seen since World War II. Read the rest of this entry »


[VIDEO] Debt Limit ‘Groundhog Day’


Priorities: Responding to Overwhelming Public Demand (3%) Obama Makes a ‘Plea’ for Immigration Reform

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POLL: ONLY 3% OF AMERICANS RANK IMMIGRATION REFORM AS TOP PRIORITY

Nothing like going into battle facing the wrong way.

New polling data from Gallup shows that an overwhelming majority of Americans do not think handling immigration reform is even close to a top priority for 2014.

Immigration places well behind other issues like healthcare, jobs, the economy, dissatisfaction with Washington politicians, the debt and deficit, lack of money, ethics and moral issues, poverty, the gap between the rich and the poor, education, foreign aid and others. In fact, only three percent of Americans think the issue is a priority that must be dealt with this year.

“Americans start the new year with a variety of national concerns on their minds,” Gallup’s Lydia Saad wrote on Wednesday. “Although none is dominant, the government, at 21%, leads the list of what Americans consider the most important problem facing the country. The economy closely follows at 18%, and then unemployment/jobs and healthcare, each at 16%. No other issue is mentioned by as much as 10% of the public; however, the federal budget deficit or debt comes close, at 8%.”

Read the rest of this entry »


Reminder: Only 3% of Americans Rank Immigration Reform as Top Priority

Obama-activists

Matthew Boyle reports:  New polling data from Gallup shows that an overwhelming majority of Americans do not think handling immigration reform is even close to a top priority for 2014.

Immigration places well behind other issues like healthcare, jobs, the economy, dissatisfaction with Washington politicians, the debt and deficit, lack of money, ethics and moral issues, poverty, the gap between the rich and the poor, education, foreign aid and others. In fact, only three percent of Americans think the issue is a priority that must be dealt with this year.

Read the rest of this entry »


“Public opinion is with the president”

The Green Room. Gotta love it. The carpet’s frayed, the couch has seen better days. But the coffee is plentiful, the company is entertaining, and the best dishes are served cold.        — The Butcher

from Guy Benson:

The White House is apparently feeling a little defensive about the president’s press conference earlier in the week, during which he tried to make the case that he’s not a lame duck.  Here’s the spin from one top administration official, via ABC News’ Jon Karl:

“A White House official told me that the real source of the president’s juice is the American people.  And on the big issues, this White House believes — big issues like guns, immigration and the budget — public opinion is with the president.”

Fact check, via actual public opinion:

Federal Budget Deficit: 38% Approve, 58% Disapprove
Illegal Immigration: 44% Approve, 50% Disapprove
Gun Policy: 45% Approve, 52% Disapprove

via  The Greenroom