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August 03, 2011

Borrowing Now At 100% of GDP

To quote Princess Leia, "When you came in here, did you have a plan for getting out?"

And Moody's says that a downgrade is coming unless this ludicrous situation is corrected. They want it down to 73% by 2015.

It was just 32.5%

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.

Obama's claim is always that this is Bush's fault.

Let's stipulate big chunks of it are Bush's fault.

But Obama did not run on a platform of "Bush's Third Term."

He ran on a platform of correcting Bush's mistake.

Instead, he's compounded them, tripled them.


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posted by Ace at 08:36 PM

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