August 22, 2011 6:34 PM

National debt has increased $4 trillion under Obama

By
Mark Knoller
Topics
Economy

(Credit: CBS/iStockphoto)
The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch.

The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.

It's the most rapid increase in the debt under any U.S. president.

The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama's four-year term.

Mr. Obama blames policies inherited from his predecessor's administration for the soaring debt. He singles out:

  • "two wars we didn't pay for"
  • "a prescription drug program for seniors...we didn't pay for."
  • "tax cuts in 2001 and 2003 that were not paid for."

CBSNews.com special report: America's debt battle

He goes on to blame the recession, and its resulting decrease in tax revenue on businesses, for making fewer sales, and more employees being laid off. He says the recession also resulted in more government spending due to increased unemployment insurance payments, subsidies to farms and funding of infrastructure programs that were part of his stimulus program.

At the first town hall meeting of his Midwestern bus trip last week, Mr. Obama told an audience in Minnesota that "the debt problem is real and the deficit problem is real."

But he also called in "a manageable problem."

The Gross National Debt now stands at 97.6 percent of the nation's Gross Domestic Product - the total value of goods and services produced by labor and property in the U.S.

Facts about the debt

1-2 of 9
Scroll Left Scroll Right


  • Mark Knoller

    Mark Knoller is a CBS News White House correspondent.

Add a Comment See all 341 Comments
by realist2010 September 6, 2011 10:47 AM EDT
Republicans destroyed the economy so badly, they had to change their name to "TEA Party" and rail against what they did like the guilty at a crime scene trying to blend in.

We'll be reminding folks of this, so enjoy the ride.
Reply to this comment
by Eddie_Haskell September 30, 2011 10:30 AM EDT
I'm so sick of listening to the lies of the left that are destroying the nation.

"In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."

"The two companies are now required to devote 42% of their portfolios to loans for low- and moderate-income borrowers"

"Although Fannie Mae actually has exceeded its target since 1994, it is resisting any hike. It argues that a higher target would only produce more loan defaults by pressuring banks to accept unsafe borrowers."

http://articles.latimes.com/1999/may/31/news/mn-42807

"The Bush administration today recommended the most significant regulatory
overhaul in the housing finance industry since the savings and loan crisis a
decade ago."

"Under the plan, disclosed at a Congressional hearing today, a new agency
would be created within the Treasury Department to assume supervision of
Fannie Mae and Freddie Mac, the government-sponsored companies that are the
two largest players in the mortgage lending industry."

http://***********/6lp5qu

http://www.youtube.com/watch?v=M8LA8hPgQtI

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

http://www.youtube.com/watch?v=Lr1M1T2Y314

http://www.youtube.com/watch?v=_MGT_cSi7Rs

"McCain Letter Demanded 2006 Action on Fannie and Freddie"

"Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below."

http://www.humanevents.com/article.php?id=28973

Unlike Bush and McCain, as senator, Obama did nothing, other than earn the distinction of becoming the second largest recipient of F&F contributions in the entire congress, even in his short stint there.

Bill Clinton himself said it best:

"I think the responsibility the Democrats have may rest more in resisting
any efforts by Republicans in the Congress or by me when I was President to
put some standards and tighten up a little on Fannie Mae and Freddie Mac."

-Bill Clinton

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any
kind of financial crisis,'' said Representative Barney Frank of
Massachusetts, the ranking Democrat on the Financial Services Committee.
''The more people exaggerate these problems, the more pressure there is on
these companies, the less we will see in terms of affordable housing.''
by JohnGalt34609 September 4, 2011 6:48 PM EDT
"The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents -- number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back -- $30,000 for every man, woman and child," -- Senater Barrack Obama, July 3, 2008 at a campaign event in Fargo, North Dakota.
Reply to this comment
by lucifersshadow September 4, 2011 8:06 AM EDT
This is why I do not want to vote for Obama. All talk and no action. Ron Paul is the one who can help this nation out of the mess. But given the option of Perry, Romney or Obama, it is the lesser of the two evils. Neither one of these two idiots could do a better job than Obama. What the hell is wrong with the GOP, they are a bunch of religio-nazis, and they think they are going to get votes for it?
Reply to this comment
by freedom8246 September 2, 2011 9:27 AM EDT
here is the cold hard thruth about our so called Money Problems

INSURANCE COMPANIES PERIOD. Example lets say you insure your home for $100,000.00 you make payments of $200.00 MO. Now seeing how they dont have $100,000.00 of thier own Money in a Bank. They have to now sell another 500 policies to have enough Money to fix the first house they insured. If the first house the next day is destroyed Guess what the insurance company no has to file Bankrupcy

Thats why the President had to bail out the FDIC FHA FANNIE MAE FREDDY MACk wells fargo ever National Bank All Across America. NOTHING BUT TOTAL CONSUMER FRAUD AND SCAMS

Dale Bennington
1 352 340 5852 PS WANT THE THRUTH CALL SOMEONE WHO KNOWS AND WILL GIVE THEM THE THRUTH
Reply to this comment
by Leaderless August 31, 2011 8:16 PM EDT
obamas voters should go back and revisit his campaign promises, the writing was on the wall that obama knows nothing about the real world.
Reply to this comment
by californiadreaming1 August 31, 2011 2:03 PM EDT
That is a pretty transparent attempt of Obama to try and blame the debt incurred on his watch on someone else. Reality is that he could have done things to change it - wound down wars more, enacted reversal of ALL Bush tax cuts, etc. Instead he defends himself like a child. Sorry, but he really needs to take some blame at this point.
Reply to this comment
by sirmarion-2009 August 30, 2011 2:14 PM EDT
So what all the Republicans have been saying all along is true?
Reply to this comment
by CommonSenseDoc August 29, 2011 6:13 PM EDT
I wonder how much Obamacare (another entitlement program) will add to the national debt when it goes into effect. This is even MUCH larger than the Medicare part D prescription drug pogram.
Reply to this comment
by nojello August 30, 2011 11:49 PM EDT
Oh...Obamacare creates 193 new agencies that have to write hundreds upon hundreds on new regulations to generate revenues thruough hidden taxes and fees. It will over spend like all government programs and in the end will make Medicare and Social Security look like grains of sand compared to the Everest of debt it will create.
by ajvw August 29, 2011 4:51 PM EDT
but he had to spend this money to keep unemployment under 8%
Reply to this comment
by jonburf August 29, 2011 4:19 PM EDT
Wow, $4trillion is a large number.
I find reporting like this, very disingenuous, meant to cast blame without any real facts.
How about reporting what actually created the added debt?
Then there can be a debate, whether or not Pres Obama has been irresponsible, or as is probably the case, most of the added debt is the result of the Wars, Medicare Part D, the Bush Tax-Cuts, and policies related to the Economy/Financial Meltdown of 2008.
Reply to this comment
by anOPINIONATEDsob August 30, 2011 4:53 AM EDT
Don't try to inject intelligence into a debate on the affects of the Bush legacy, you should know better, wink wink.
by nojello August 30, 2011 11:52 PM EDT
Even if you flatten the tax code and generated all the revenues in tax increases (even Bush tax cuts done away with) it would still take 700 years to recover the $4 Trillion Obama has added to the debt. Do the math.
See all 341 Comments
.
Latest CBS News Headlines Popular CBS News Stories
on Facebook Most Discussed Stories
on CBS News

Follow Political Hotsheet

Scroll Left
Scroll Right More »
CBS News on Facebook
  • CBS News Mobile

  • CBS News for Android

    The CBS News app for Android smartphones offers breaking headlines and video as well as the latest from The Early Show, 60 Minutes and more.
    Learn more...