In a startling, last-ditch effort to save ObamaCare, President Barack Obama said that if the health care reform measures consuming Congress doesn’t pass – wait for it – the government will go bankrupt.
“President Obama Told ABC News’ Charles Gibson In An Interview That If Congress Does Not Pass Health Care Legislation That Will Bring Down Costs, The Federal Government ‘Will Go Bankrupt.’” (Karen Travers, “President Obama: Federal Government 'Will Go Bankrupt' If Health Care Costs Are Not Reigned In,” ABC News’ The World Newser, 12/16/09)
In February of this year, Democrats raised our nation’s debt ceiling, the statutory limit in the amount the U.S. is allowed to go into debt, to $12.1 trillion. That was a $789 billion increase over the previous debt ceiling of $11.3 trillion. However, the government spent so much money, a $1.4 trillion deficit in fiscal year 2009, the Democrats are poised to raise the debt ceiling again… by $1.8 trillion.
Maybe that $787 billion stimulus, $410 billion omnibus, and $3.5 trillion budget wasn’t such a good idea after all. Of course, there’s always the $2.5 trillion health care boondoggle to pay for at some point too.
Today, Reuters reported our government spent $292 billion more in the first two months of the fiscal year than it took in. That’s more deficit spending at a faster clip than the previous record-setting fiscal year over the same time period.
“In October And November, The Government Spent $292 Billion More Than It Took In, The Nonpartisan Congressional Budget Office Said.” (Andy Sullivan, “U.S. Already $292 Bln In The Red This Year – CBO,” Reuters, 12/8/09)
• “That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.” (Andy Sullivan, “U.S. Already $292 Bln In The Red This Year – CBO,” Reuters, 12/8/09)
The United States is facing a fiscal crisis like no other. Consider:
The United States Carries More Than $12 Trillion In Total Public Debt.
According To A “White House Budget Review Issued In August Projects That By The End Of The Current Fiscal Year On Sept 30th , The National Debt Could Top $14 Trillion.” (Mark Knoller, “National Debt Now Tops $12 Trillion,” CBS News, 11/17/09)
Mike Allen and Jim VandeHei are reporting over at Politico that President Barack Obama will address deficit spending in his State of the Union Address in 2010. That's more than a year after assuing office and about three months from now.
The government ran a deficit of $176 billion in the first month of the Fiscal New Year, $20 billion more than the same time last year. At a rate of $176 billion, the deficit for 2010 will be over $2 trillion, the most ever.
Reckless spending and borrowing from foreign countries “imperil” the economy, so says President Obama’s Budget Director Peter Orszag.
The day of President Obama's Inauguration, total public debt outstanding was $10.6 trillion.
“The Federal Budget Deficit Has Surged To An All-Time High Of $1.42 Trillion. . .” (“Federal Deficit Hits All-Time High Of $1.42T,” The Associated Press, 10/16/09)
You just can't make this stuff up.
“President Barack Obama Called On Congress Wednesday To Approve $250 Payments To More Than 50 Million Seniors To Make Up For No Increase In Social Security Next Year.” (Stephen Ohlemacher, “Obama Calls For $250 Payments To Seniors,” The Associated Press, 10/14/09)