U.S. Treasury Confirms: Obama's borrowing has topped 100% of GDP

U.S. Treasury Confirms: Obama's borrowing has topped 100% of GDP Scotty Starnes | August 4, 2011 at 11:08 AM | Tags: debt ceiling, GDP, national debt, Obama's borrowing, President Obama, US Treasury | Categories: Political Issues | URL: http://wp.me/pvnFC-5Eo

This didn't happen to any other president. Thanks to Obama's record deficit spending, and the idiots in Congress giving him another $2.4 trillion to spend, our borrowing has topped 100% of our GDP.

AFP reports:

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.

Obama use to say that raising the debt ceiling showed a failure of leadership. That was back in 2006 when he was a Senator who accomplished nothing but "present" votes. Now he is a President who has accomplished nothing but pushing the U.S. towards insolvency.

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 wants the U.S. to be the next Greece so he can claim another "crisis" and implement more radical spending plans to "fundamentally transform" America.

Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.

In only 2.5 years, Obama has added over $4 trillion to the national debt. Bush added only $5 trillion in 8 years. America can't afford Obama <<<2012 campaign bumper sticker.

Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country's bloating deficit.

The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.

The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.

Yet Obama continues to say that government spending is at its lowest in 60 years. You can believe Obama's lies or factual numbers.

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