I often see Obama being roundly criticised for the increase in the US debt over his term of office. Fair enough, debt is a significant issue. Given he inherited the Bush era problems of the GFC/Great Recession, it was probably pretty inevitable, considering how many big companies had to be bailed out to prevent further meltdown and save jobs.
Trump was more than a little critical during the campaign:
"So we have now $19 trillion in deficits. $19 trillion, you know if you look, we owe! When I say that, we owe, this is what you’re talking about, we owe $19 trillion as a country. And we’re gonna knock it down and we’re gonna bring it down big league and quickly, we’re gonna bring jobs back, we’re gonna bring business back, we’re gonna stop our deficits, we’re gonna stop our deficits, we’re gonna do it very quickly” said Trump on the campaign trail."
Ignore for a minute that he seems to be confused about the considerable difference between the national DEBT and budgetary DEFICITS (pretty important distinction).
It seems that all that bluster from him and Congressional Republicans (looking at you in particular Mitch McConnell) was just that. BLUSTER.
The new Republican Senate has just voted to increase the US Debt to....wait for it...$29 trillion over the next 10 years.
For a sweetener, they also authorized a $1 trillion budget deficit for the same period.
(5) PUBLIC DEBT.—Pursuant to section 15 301(a)(5) of the Congressional Budget Act of 1974 16 (2 U.S.C. 632(a)(5)), the appropriate levels of the 17 public debt are as follows: 18 Fiscal year 2017: $20,034,788,000,000. 19 Fiscal year 2018: $20,784,183,000,000. 20 Fiscal year 2019: $21,625,729,000,000. 21 Fiscal year 2020: $22,504,763,000,000. 22 Fiscal year 2021: $23,440,271,000,000. 23 Fiscal year 2022: $24,509,421,000,000. 24 Fiscal year 2023: $25,605,527,000,000.
Fiscal year 2024: $26,701,273,000,000. 1 Fiscal year 2025: $27,869,175,000,000. 2 Fiscal year 2026: $29,126,158,000,000.
Aha you say, that's to pay for all the new infrastructure Trump was talking about and his Big Beautiful Wall.
Well...not so much. Actually, not at all. They ain't included.
Seems like those good old boys in the Senate ain't buyin into Trumps promises of fiscal responsibility.
http://thedailybanter.com/2017/01/senate-republicans-just-voted-to-add-10-trillion/
http://www.budget.senate.gov/imo/media/doc/HEN17065.pdf
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- just watching Obama's farewell speech
just watching Obama's farewell speech, page-22
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