WASHINGTON (AP) — The national debt has topped $16 trillion as chronic government deficits have piled more than $50,000 worth of debt onto federal ledgers for every man, woman and child in the United States.
Barack Obama's GOP rivals used the grim but expected news to blast the president for the government's dreadful fiscal performance over his 3 1/2 years in office. Obama has presided over four straight years of trillion dollar-plus deficits after inheriting a weak economy from his predecessor, George W. Bush.
The spiraling debt means that lawmakers and whomever wins the White House in November will have to pass legislation to raise the government's borrowing cap from the current ceiling of $16.4 trillion. Passing such legislation last year proved enormously difficult and the nation's credit rating suffered.
Copyright 2012 The Associated Press.
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My personal share of the national debt now exceeds my own personal debt.
well
$50,000 a person?
We just need more people to spread the debt around.
Dang liberal media! From way
Dang liberal media!
From way back in June 02, 2011
10 Inconvenient Truths About the Debt Ceiling:
1. Republican Leaders Agree U.S. Default Would Be a "Financial Disaster"
2. Ronald Reagan Tripled the National Debt
3. George W. Bush Doubled the National Debt
4. Republicans Voted Seven Times to Raise Debt Ceiling for President Bush
5. Federal Taxes Are Now at a 60 Year Low
6. Bush Tax Cuts Didn't Pay for Themselves or Spur "Job Creators"
7. Ryan Budget Delivers Another Tax Cut Windfall for Wealthy
8. Ryan Budget Will Require Raising Debt Ceiling - Repeatedly
9. Tax Cuts Drive the Next Decade of Debt
10. $3 Trillion Tab for Unfunded Wars Remains Unpaid
http://crooksandliars.com/jon-perr/15-things-gop-doesnt-want-you-know-ab...
"Those who cannot remember the past are condemned to repeat it"
Hey Joe Bob
Bubba: Whatcha thank about all of us owing over $50,000.00 toward that there national debt?
Joe Bob: I thank we need them scallowags up in Washington to anty up and pay it, we did not spend it.
Bubba: Ifn I had that much money we could pave the road out to the truck and sell the ole swamp buggy.
Joe Bob: Yep
Bubba: What you thank about all these silly posts one here.
Joe Bob: I kinda agree with the first two but that Quill fella sounds like he fell out of a tree one too many times.
Bubba: You been watchin the Democrat Convention?
Joe Bob: Nope, got better things to do with my time. Been settin on the porch whittlin. Now it is bedtime.
Bubba: Yup, see you in da mornin.
Joe Bob: You too Bubba.
Hmm
Clearly this is all Mark Vaught's fault.
Mark Vaught?
Is he that ultra-liberal guy on city council?
I believe...
...everyone refers to him as "Tax and Spend Vaught".