Treasury Direct (Gov. site for public debt)

RG2228 · Sep 15, 2011

http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm

This link will take you to a page where you can view data sheets dating from 1953 to 2011 showing the public debt in detail. I encourage everyone to read the data sheets so you can form your own opinion without the influence of another person or a media outlet.

waltky · Oct 6, 2011

Granny says, "Seems like the plan is to get us more in debt...

Obama Has Now Increased Debt More than All Presidents from George Washington Through George H.W. Bush Combined
October 5, 2011 - The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30.

That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined. This $4.212-trillion increase in the national debt means that during Obama’s term the federal government has already borrowed about an additional $35,835 for every American household--or $44,980 for every full-time private-sector worker. (According to the Census Bureau there were about 117,538,000 households in the country in 2010, and, according to the Bureau of Labor Statistics, there were about 93,641,000 full-time private-sector workers.)

When Obama was inaugurated on Jan. 20, 2009, according to the Treasury Department, the total national debt stood at $10,626,877,048,913.08. At the end of January 1993, the month that President George H. W. Bush left office, the total national debt was $4.1672 trillion, according to the Treasury. Thus, the total national debt accumulated by the first 41 presidents combined was about $44.8 billion less than the approximately $4.212 trillion in new debt added during Obama’s term.

As of Monday, Obama had been in office 986 days—or about 32 and a half months. During that time, the debt increased at an average pace of $4.27 billion per day. Were that rate to continue until Obama’s term ends on Jan. 20, 2013, the debt would then stand at about $16.86534 trillion—an increase of more than $6.2 trillion for Obama’s four years. That would equal nearly $53,000 for each American household or more than $66,00 for each full-time private-sector worker. That total national debt did not exceed $6.2 trillion until 2002, when George W. Bush was president.

Source
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See also:

GOP worries they’ll have to accept massive spending measure
10/05/11 - Congress way behind on passing FY12 appropriations bills, lawmakers have 6 weeks to figure out a solution

Frustrated House Republicans are grappling with the possibility that they will be forced to swallow the kind of massive spending package many of them campaigned against when Democrats were in power. The House on Tuesday overwhelmingly passed a stopgap spending bill to carry the federal government through Nov. 18, ending the latest spending crisis on Capitol Hill. But with both the House and Senate woefully behind schedule on passing appropriations measures for fiscal 2012, lawmakers have only six weeks to figure out a solution — and few desirable options.

The Senate has passed just one of 12 annual appropriations bills, while the House has passed six. If the two chambers cannot make significant progress, the most likely fallback option is to combine the 12 bills into one omnibus measure. “I think everybody expects that,” said Rep. Austin Scott (Ga.), president of the House GOP freshman class. The prospect of signing off on a bill that could exceed 1,000 pages and appropriate about $1 trillion in federal spending is a sore subject for Republicans, particularly the freshmen who pledged not to vote for legislation too bulky even to read. “I didn’t vote to create the debacle and the train wreck that’s coming,” freshman Rep. Jeff Landry (R-La.) said. “So we’ll have to wait to see what happens.”

Congressional leaders have yet to decide on a path forward, and senior appropriators in both chambers are working feverishly to inch closer. House Appropriations Committee Chairman Hal Rogers (R-Ky.), said he spoke on Tuesday morning with his Senate counterpart, Daniel Inouye (D-Hawaii). To avoid combining bills or another stopgap bill, the House and Senate would have to agree upon and pass 12 separate bills. For now, House leaders have no plans to move more appropriations bills until they see what the Senate plans to do. “We demonstrated we were able to get whatever it is that we set out to do done. They have not done a thing,” House Majority Leader Eric Cantor (R-Va.) told reporters Monday. “I think it will all come down to what is doable in the Senate.”

Neither Cantor nor Speaker John Boehner (R-Ohio) has ruled out an omnibus bill. “We’ve done our best to move appropriations bills in an open and regular process. If the Senate fails to do so, we’ll have to consider other options,” Boehner spokesman Michael Steel said Tuesday. Senate Majority Leader Harry Reid (D-Nev.) said Monday he hoped to pass three additional appropriations bills before the end of October — those funding the departments of Agriculture, Commerce and Transportation. The Senate GOP conference is balking at the possibility of an omnibus package, and appropriators are considering the possibility of combining the 12 appropriations bills into what aides have dubbed “minibuses” — a few bills that would be more manageable to complete than a dozen separate measures.

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bacardi · Oct 6, 2011

^^^^

so is granny buying any gold?

Landru Guide Us · Oct 6, 2011

Taking on debt when interest rates are almost nonexistence is a good thing, not a bad thing.

The stupid thing to do is wait until rates are high, then borrow to pay for infrastructure.

So of course, that's what conservatives advise.

bacardi · Oct 6, 2011

Landru Guide Us said: ↑

Taking on debt when interest rates are almost nonexistence is a good thing, not a bad thing.

The stupid thing to do is wait until rates are high, then borrow to pay for infrastructure.

So of course, that's what conservatives advise.
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what you are forgetting is that interest rates have been pushed down by the fed....these are not the natural level of interest rates right now. And once interest rates do rise, get ready for huge interest payment charges!

Landru Guide Us · Oct 6, 2011

bacardi said: ↑

what you are forgetting is that interest rates have been pushed down by the fed....these are not the natural level of interest rates right now. And once interest rates do rise, get ready for huge interest payment charges!
Click to expand...

All the more reason to borrow now. You've unwittingly supported my argument, not yours, even assuming your false premise.

bacardi · Oct 6, 2011

Landru Guide Us said: ↑

All the more reason to borrow now. You've unwittingly supported my argument, not yours, even assuming your false premise.
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uhmmmm....how is raising interest rates and therefore paying much more for interest on the debt supporting your arguement? Unless you are saying a debt to GDP of 125% is good and when the US can no longer afford paying 1 trillion per anum to service the debt and threatens default is great

Landru Guide Us · Oct 6, 2011

bacardi said: ↑

uhmmmm....how is raising interest rates and therefore paying much more for interest on the debt supporting your arguement? Unless you are saying a debt to GDP of 125% is good and when the US can no longer afford paying 1 trillion per anum to service the debt and threatens default is great
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Because interest rates are at historical lows now when we should do the borrowing?

Is that really so hard to understand?

bacardi · Oct 11, 2011

Landru Guide Us said: ↑

Because interest rates are at historical lows now when we should do the borrowing?

Is that really so hard to understand?
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and when interest rates eventually rise? Its not like the US is ever planning to repay any portion of the existing debt!

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