Correction - Debt on 1/22/01 was $5,728,195,796,181.57 - Debt on 1/20/09 was $10,626,877,048,913.08. Ok increase is $4.9 Trillion - not $5 Trillion.
Obama deficit next year is $1.8 Trillion. My post was essentially correct.
Ken, Ken, Ken.
You're an attorney. I had better expecations of you.
You are confusing the concepts of "debt" with "deficit." They are not the same.
From the same TreasuryDirect website you cited:
What is the difference between the public debt and the deficit?
The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year. Receipts include the money the Government takes in from income, excise and social insurance taxes as well as fees and other income. Outlays include all Federal spending including social security and Medicare benefits along with all other spending ranging from medical research to interest payments on the debt. When there is a deficit, Treasury must borrow the money needed for the government to pay its bills.
We borrow the money by selling Treasury securities like T-bills, notes, Treasury Inflation-Protected securities and savings bonds to the public. Additionally, the Government Trust Funds are required by law to invest accumulated surpluses in Treasury securities. The Treasury securities issued to the public and to the Government Trust Funds (intragovernmental holdings) then become part of the total debt.
One way to think about the debt is as accumulated deficits. For information concerning the deficit, visit the Financial Management Service website to view the Monthly Treasury Statement of Receipts and Outlays of the United States Government. You can read more on this topic in the Federal Borrowing and Debt chapter of the Analytical Perspectives volume of the most recent budget.
TreasuryDirect
You're confusing oranges with road apples.
Without doubt, public debt increased dramatically under Bush. No argument there. However, you can't compare public debt levels under Bush with the deficit of $1.8 trillion under Obama's FY2010 budget.
CBO projections are that under Obama's budgets, the deficit will grow to some $9.3 trillion in the next decade.
washingtonpost.com |
