2011 was a disastrous year for our debt. Yes, the Republican Congress prevented Obama from passing his budget, which would have added $1.6 trillion in new deficit spending. Instead, they passed a budget that added an additional $1.3 trillion to the national debt. Overall, federal outlays in FY 2011 (which ended September 30) were $141 billion more than the previous year. For FY 2012, thanks to the disastrous omnibus bill, we are on pace to spend at least an additional $55 billion, including $10 billion more in discretionary spending. With welfare programs skyrocketing out of control, and as unemployment continues to remain abnormally high, those mandatory spending estimates will ineluctably be revised upward.(Read More)
Amidst the hype concerning the so-called era of austerity and budget
cuts, the national debt is rapidly marching towards the $15 trillion
milestone. As of late last week, the national debt stood at $14.94 trillion.
For those of you keeping score, that number has grown by $646 billion
since the debt ceiling was raised on August 2, as part of the great
bipartisan Budget Control Act of 2011. In other words, the debt has increased by over $8 billion per day during the past 11 weeks.(Read More)