how  much debt did obama get rid of
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Debt Up $6.666 Trillion Under Obama When President Obama was first inaugurated on Jan. 20, 2009, the debt of the U.S. government was $10,626,877,048,913.08, according to the Treasury Department’s Bureau of the Public Debt.
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Does Obama have the âworstâ record of any president on the national debt? By Glenn Kessler By Glenn Kessler December 8, 2014. (Andrew Harrer/Bloomberg News) President Obama has “the worst record of any president when it comes to putting America deeper in debt.”. — Reince Priebus, chairman of the Republican Nation Committee, Dec. 2, 2014.
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The story behind Obama and the national debt, in 7 charts Since President Obama took office, the national debt has increased by $7.4 trillion. On January 20, 2009, it stood at $10.6 trillion; on Monday, it was at $18 trillion. That bit of data leapt to the front page of The Drudge Report on Tuesday, linking to an assessment from CNS News.com. Grim.
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Here's how much debt the US government added under President Obama Based on the website USdebtclock.com, which extrapolates the US national debt in real time based on committed government spending, the debt will be roughly $19.97 trillion when President-elect Donald Trump takes office on Friday. Thus, the national debt under Obama will have grown by about $9 trillion, or an increase of 86%.
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Debt Ceiling: CNBC Explains Whenever the government is going to exceed a debt limit—meaning it needs more funding for current debt—Congress has to vote its approval to raise it. As of October 2013, the debt limit is $16.7 trillion. But President Barack Obama has asked Congress to raise it. If Congress fails to raise the debt ceiling, funds would not be available to pay bills and the U.S. government would technically be in default.
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Has Debt Gone Down By $12 Billion Since Trump Took Office? The statistic obscures the longer-term trend of a significantly worse fiscal situation now than when Obama took office. The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo. — Donald J. Trump (@realDonaldTrump) February 25, 2017.
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The President Has the Power To Raise the Debt Ceiling on His Own House Republicans would probably argue that the main effect of maintaining the debt ceiling would be to force President Obama to cut spending while using tax revenues to pay interest on the debt.
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Does Obama have the âworstâ record of any president on the national debt? Size of national debt when Reagan took office: $1 trillion. Size after six years: $2.3 trillion (130 percent increase) Size at the end of his presidency: $2.9 trillion (190 percent increase) In other words, when the numbers are placed in context, the national debt grew faster under Reagan than it has under Obama.
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Where the Budget Deficit Actually Came From If we look at the chart, we can see that the deficit of the last year of Bush (43) was about $500 billion (actually -$459 billion) and in the third year of the Obama Administration will be about $1,600 billion (estimated -$1,645 billion).
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- Before Obama, America had never witnessed a deficit of $1 trillion or more. Since Obama, America suffered four consecutive years in excess of that amount. His 2010 deficit reached $1.387 trillion, his 2011 number hit $1.350 trillion and the 2012 shortfall was $1.120 trillion. The just-completed fiscal 2013 deficit came in at $759 billion.
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Barack Obama says deficit fell from 10 percent of GDP to 3 percent on his watch The deficit-to-GDP percentage for the fiscal year prior, 2008, was 3.1 percent. This gives a sense of what Obama inherited -- but it’s not a perfectly useful number, either, because it stops almost four months before Obama took office.
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Al Is Forgiven On 28 September 2015, the web site Mr. Democratic published a article with the misleading headline of “Al Sharpton’s $4.5 Million Tax Debt ‘Forgiven’ by Obama Administration,” asserting that:
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- The social studies are the study of political, economic, cultural, and environmental aspects of societies in the past, present, and future. For elementary school children, as well as for all age groups social studies have several purposes.
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Rand Paul: Debt doubled under Bush, tripled under Obama When Bush’s term started Jan. 20, 2001, the gross federal debt was $5.73 trillion. At the end of his term, Jan. 20, 2009, the gross federal debt was $10.63 trillion. This means that the debt just about doubled under Bush. The gross federal debt under Obama -- as of April 7, 2015 -- is $18.15 trillion.
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Repeat After Me: Obama Cut the Deficit and Slowed Spending to Lowest Level in 50 Years Taken purely at face value, this number is enormous. Yet every Democrat, and especially the Obama campaign, ought to be telling anyone who will listen: Not only has the president cut the deficit by $312 billion during his first term (so far), but he's cut the deficit by $200 billion in the past year alone.
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National Debt Set to Double Before Obama Leaves Office Print |. A A. The national debt is set to double by the time President Barack Obama leaves office, if it continues to increase at the current rate. In January 2009, when Obama began his first term, the federal debt was $10.6 trillion. As of this week it has increased 57 percent to $16.7 trillion, The Washington Times reported.
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Obama Plans Steps to Ease Student Debt Despite past actions by the administration, borrowers’ debt load is growing and retarding the ability to buy homes, start businesses or otherwise spend to spur the economy, economists say. Mr. Obama’s main action will be to expand on a 2010 law that capped borrowers’ repayments at 10 percent of their monthly income.
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Al Is Forgiven Did President Obama forgive the Reverend Al Sharpton's $4.5 million debt for back taxes? Dan Evon. Al Sharpton and his message of equality doesn’t equate to paying taxes, apparently, as his unpaid tax debt is now more than $4.5 million, making him on of the biggest offenders in the country. Yet, for some reason, he hasn’t been sent to prison like other people have been, and should.
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Balanced budget amendment As a result, during the administration of President George W. Bush, the gross debt increased from $5.7 trillion in January 2001 to $10.7 trillion by December 2008, rising from 57.0% of GDP to 74.5% of GDP.
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The Federal Government and Debt During the George W. Bush presidency, debt held by the public as a percentage of GDP rose to 62 percent by 2008, as the gross public debt (marketable and intra-government securities) increased from $5.7 trillion to $10.7 trillion.
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Mises Daily Articles Indeed, the national debt was paid off twice in American history, the first time by Thomas Jefferson and the second, and undoubtedly the last time, by Andrew Jackson. Unfortunately, paying off a national debt that will soon reach $4 trillion would quickly bankrupt the entire country.
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How spending has fallen under Obama Under Obama, the deficit peaked in 2009 at 9.8% of the overall size of the economy, but has fallen every year since. This year, the CBO projects it will come in at 3.4% of GDP and drop to 2.1% by 2015. Then deficits will starting to climb again, reaching 3.5% by 2023.
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Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits Federal deficits and debt have been sharply higher under President Obama, but the evidence continues to show that the Great Recession, President Bush’s tax cuts, and the wars in Afghanistan and Iraq explain most of the deficits that have occurred on Obama’s watch — based on the latest Congressional Budget Office projections as well as legislation enacted since we last issued this analysis of what lies behind current deficits and debt.
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Barack Obama claims deficit has decreased by two-thirds since taking office Our ruling. Obama said since taking office the country has seen our deficits cut by two-thirds.. His claim is accurate if you use 2009, his first year in office with an historically high deficit, as a starting point. The claim ignores a stark reality about the deficits, however.
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Magnification Magnification is the process of enlarging something only in appearance, not in physical size. This enlargement is quantified by a calculated number also called magnification. When this number is less than one, it refers to a reduction in size, sometimes called minification or de-magnification.