Obama Has Increased Debt $5T

Obama Has Increased Debt $5T

cnsnews.com

President Barack Obama and Treasury Secretary Tim Geithner (AP Photo/Gerald Herbert)

(CNSNews.com) - President Barack Obama has now increased the national debt by approximately $5 trillion since the day he was inaugurated, according to the official debt figures the U.S. Treasury released at 4:00 p.m. on Wednesday.
While Obama has been president, the federal government’s debt has increased by $15,824.21 for each of the 313,223,079 million people that the Census Bureau now estimates live in the United States—and by $41,762.92 for each of the nation’s 118,682,000 households.
On Jan. 20, 2009, the day Obama was inaugurated, the federal government’s debt was $10,626,877,048,913.08. As of the close of business on Tuesday, March 20, 2012, it was $15,583,383,846,149.34.
That represents an increase of $4,956,506,797,236.26—which rounds to $5 trillion.
(As of the close of business on March 19, 2012, the debt had increased since Obama’s inauguration by $4,947,361,319,191.81—slightly below the rounding point of $4.95 trillion.)
The $4,956,506,797,236.26 in new debt the U.S. government has accumulated since Obama’s inauguration is equal to all the debt the U.S. government accumulated between July 4, 1776, when the British colonies declared their independence from England, until Aug. 15, 1995, when Bill Clinton was in the third year of his first term.
In the first 1,156 days of Obama’s presidency (through March 20), the federal debt increased at an average rate of $4,287,635,637.75 per day. Were the debt to maintain that average daily rate of increase through the end of Obama's term on Jan. 20, 2013, the debt will have increased by $6,264,235,666,752.75 during Obama’s term.
The total national debt did not exceed $6,264,235,666,752.75 until Oct. 29, 2002, during George W. Bush’s first term. If the rate of increase in the debt continues at the average daily rate it has maintained thus far in his term, Obama, in just four years, will increase the federal government’s debt by more than all presidents from Washington through Clinton combined.