President Obama, Speaker Pelosi and incumbent Congressman Brad Ellsworth have taken less than two years to amass more than $3 trillion in additional debt on the backs of future generations of Americans.
CBS’ Mark Knoller noted yesterday that, “The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.”
- Congressman Ellsworth, after supporting 8,500 earmarks totaling $7.7 billion in a single bill and rubberstamping the highest deficits on record, how can you claim to be “very fiscally conservative?”
By the end of Obama’s first term, he will have piled on more debt than President George W. Bush did in his eight years in office, according to Knoller.
“The Administration has projected the National Debt will soar in Mr. Obama’s fourth year in office to nearly $16.5-trillion in 2012. That’s more than 100 percent of the value of the nation’s economy and $5.9-trillion above what it was his first day on the job,” Knoller wrote.
Back in July, Knoller reported the debt “doubling between now and 2020 when it’s forecast to hit over $26 trillion” due to the spending spree policies of Obama-Pelosi-Ellsworth.
[Disclosure: Pete Seat is the Communications Director for the Coats for Senate campaign.]