Wednesday, September 5, 2012

$16 Trillion Landmark Deficit

It seems only fitting that just as the Democratic National Convention began, our Federal deficit hit the $16 trillion mark.

What he said: "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 cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. .  .  Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here'. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." (Senator Barack Obama, March 2006, during one of his few appearances on the U.S. Senate Floor).

As President he initially spoke of cutting the deficit in half during his term of office. At that time it was hovering at around $9 trillion.

What he has done:  Hit the $16 trillion debt mark. Argued passionately for lifting the debt ceiling two years ago.

Here is the question of the hour:

What was the size of the deficit in March of 2006?

  • $6 Trillion?
  • $8 Trillion?
  • $10 Trillion?
  • $12 Trillion?
  • $14 Trillion?
  • $16 Trillion?
The answer to this question will be posted tomorrow.

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