US Now Borrowing More Than We Make
Brought to you by the big spenders in both parties, but especially the Democratic Party (which presided over the so-called stimulus and ObamaCare), including the Spender-in-Chief in the White House, the US is officially underwater:
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
The debt limit deal will slow this growth, and as such it’s a good first step, but that’s all that it is, a first step. Now we need to continue down the path of actually cutting back on government spending and borrowing.
To do that, we need Republicans in office, especially in the Oval Office… meaning no conservative can afford to sit out in any race in 2012, even if the candidate isn’t your favorite… otherwise you open the doors to keep the spendocrats in office.