National debt has doubled since financial crisis: Congressional Budget Office

Washington Examiner ^ | 08/27/2014 | BY JOSEPH LAWLER

[SeekAndFind]

The federal debt this year will be double what it was before the financial crisis, Congress’ official budget scorekeeper projected Wednesday morning.

The debt is on pace to reach 74 percent of the country’s economic output by the end of the year, double what it was in 2007 and the highest percentage since 1950, according to the Congressional Budget Office.

In its update to its projections for the budget and economy, the agency slightly upped its estimate for the 2014 deficit, which it now expects to total $506 billion, a $170 billion decline from 2013.

The federal debt this year will be double what it was before the financial crisis, Congress’ official budget scorekeeper projected Wednesday morning.

The debt is on pace to reach 74 percent of the country’s economic output by the end of the year, double what it was in 2007 and the highest percentage since 1950, according to the Congressional Budget Office.

In its update to its projections for the budget and economy, the agency slightly upped its estimate for the 2014 deficit, which it now expects to total $506 billion, a $170 billion decline from 2013.

[a fool in paradise]

My debt was not brought down at all by the “bailout”.

Next time the Government seeks to protect vested banker interests, give me the money first so I can pay off MY debt and then the banks will get it.

[deadrock]

These facts could be carved on the foreheads of all liberals, but it wouldn't matter.

Obama told them that he has reduced the deficit and debt. He never lies.

[dfwgator]

All the bailout did was to kick the can further down the road.

[TurboZamboni]

The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic. --Barack Obama; Independence Day, 2008, Fargo, North Dakota:

[TurboZamboni]

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. ... I therefore intend to oppose the effort to increase America’s debt limit.” -- 3/16/2006 Obama floor speech in the Senate

[DJ MacWoW]

Click The Pic To Donate

Support FR, Donate Monthly If You Can

[Yollopoliuhqui]

None of this will be fixed until there is a revolution in economics based upon the observations made in this video:

https://www.youtube.com/watch?v=HfpO-WBz_mw

[Jim from C-Town]

‘The debt is on pace to reach 74 percent of the country’s economic output by the end of the year’

I am a bit lost here. According to the debt clock, we have a debt of 17.6 trillion and a GDP of 16.7 Trillion. Meaing we have more actual debt than we have GDP at about 106% debt to GDP.

What am I missing?

http://www.usdebtclock.org/index.html

[servantboy777]

>>we have a debt of 17.6 trillion and a GDP of 16.7 Trillion<<

Yea, I as well. Me thinks this is nothing more than a propaganda piece.

[what's up]

The bailout has mostly been paid back by the banks.

The real problem was that Obama used the bailout as an excuse for Porkulus and other welfare programs. The biggest was the ACA but he also expanded green stamps, traditional welfare, etc. This is what has doubled the debt.

[GOPJ]

Thanks democrats - thanks for everything.