September 26, 2013
Obama years: Debt limit raised 7x, $43k per household
Posted by Staff
Did you know that since President Obama came into office, the debt limit has been raised seven times?
With those increases, Congress has added $43,000 in debt for every American household in just the last four years.
And now the debt limit deadline is looming again. Treasury will run out of tricks to keep paying the bills on October 17, Secretary Jack Lew announced yesterday.
Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.
So, take that $43,000 per household that was added in the last four years and tack on another $8,800 per household.