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On January 20, 2001 George W. Bush was sworn-in as President of the United States. The total federal debt ceiling (per NPR & CRS) stood at $5.6 Trillion. Then came the terror attacks on September 11, 2001. The war in Iraq. Afghanistan. Hurricane Katrina devastated New Orleans and much of the Gulf Coast. Hurricanes Rita and Ike drove the dagger home. An F-5 tornado destroyed Greenburg, Kansas.
Combined with then-Speaker Hastert, Majority Leader DeLay and a ridiculously self-absorbed Congress… the total federal debt ceiling stood at $9.1 Trillion when Barack Obama was elected in November 2008. Not to be outdone by her predecessor, whose shoes she filled in January 2007 – two years before Obama would be sworn in – Speaker Pelosi and her fellow Democrats gorged themselves at the public trough by raising the debt ceiling almost another Trillion before Obama could put his hand on the Bible and take the wheel. Hadn’t even taken his tie off in the Oval Office yet.
To make it plain, that’s an increase of $5.2 Trillion in fourteen months – with Democrats in a supermajority. Obama supported all of this. As a Senator. As a candidate. As Democratic nominee for President. And as President. He has paid lip service to deficit-reduction, but the truth is this: He & Speaker Pelosi have spent raised the debt ceiling $1.7 Trillion more in fourteen months than it was spent raised during the totality of George W. Bush’s term. Or the previous 235 years.
Since 2007, Democrats have held a super-majority in the US Congress. They controlled and continue to control the purse. Americans have seen our total federal debt explode, taxes are increasing, we have had a near-economic collapse, and eight million Americans have lost their jobs.
By the numbers, both parties can and should improve their performance. But since President Obama was elected in November 2008 – the US Congress has committed you and every other American to pay of $5.2 trillion in NEW DEBT – and that’s before we pay one dime of interest.
Forget campaign pledges. President Obama told the American people, from the well of the US House of Representatives, during a Joint Session of Congress that he would not add “one dime” to the deficit.
That is one broken promise we shall not forget.