Debt Barrelling Toward $17 Trillion

Four months ago, as President Obama's first term was coming to an end, a lot of attention was paid to the national debt reaching $16 trillion dollars. The debt was $10 trillion when Obama took office in 2009. Now, just  two and a half months into President Obama's second term, the debt is approaching $17 trillion. (Click the link to see the U.S. Debt Clock ).

The president, in an ABC News interview said there is no debt crisis and it is sustainable for the next ten years. Is the president delusional or does he actually believe this? There are some that think Obama just doesn't care about the debt and the country's over-spending habits and it's not high on his list of priorities. Read more: Obama In No Hurry To Curb Spending

After a four year hiatus, the Senate finally put forth a budget, and as expected it includes more spending and tax hikes. read more: Senate Budget Adds to Debt

The Congressional Budget Office (CBO) says that under Obama:

• the debt has increased by more than $6 trillion
• Interest payments on total debt was $360 Billion in 2012
• 36% of our national debt has accumulated under Obama

At the end of his second term it's estimated the national debt will be somewhere between $20-22 trillion. Greece is on the brink of financial collapse, having to be bailed out a couple times by its European neighbors. Obama's policies are taking us down the same road, and there is no one to bail us out.

By the way, the unemployment rate in Greece has now topped 26% - just a thought.





                                        





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