Northwest Indiana Discussion

Obama on Pace to Borrow $6.2T in One Term—More Than All Presidents from Washington Through Clinton Combined

President Barack Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34) putting him on a pace to increase the national debt by $6.2 trillion ($6,195,379,272,340.74) by the end of his term on Jan. 20, 2013, according to the debt figures published by the U.S. Treasury.

http://www.treasurydirect.gov/NP/BPDLog ... ication=np

That $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton combined.

In fact, the U.S. national debt did not eclipse the $6.195 trillion level—the amount Obama is on pace to increase it in one term—until August 19, 2002, during President George W. Bush’s second year of office.

The national debt was $10.6 trillion ($10,626,877,048,913.08) on Jan. 20, 2009, the day Obama was inaugurated. As of the close of business on Jan. 11, 2012, it was $15.2 trillion ($15,236,307,075,631.58.) In Obama’s first 1,087 days in office, the debt increased $4.6 trillion ($4,609,430,026,718.50)—or an increase of $4.24 billion ($4,240,506,004.34) per day.

At that daily rate, the debt would increase a total of $6.2 trillion ($6,195,379,272,340.74) over the entire 1,461 days of Obama’s four year term.

At the close of business Aug. 19, 2002, the total national debt was $6.195 trillion.

That was funny Moby...sounds like something I'd write. March 5th should be a real hoot. Maybe it's the 4th and then the 5th...or is it the 5th and then the sixth....LOL... Peres meets O' hole first then Netanyahu the day after....

Think the do-nothing, obstructionist republiCons will go along?...LOL of course not.
US President Barack Obama's plan to slash corporate tax rate sparks political battle

President Barack Obama has proposed cutting the rate of US corporation tax to 28pc from 35pc in a move designed both to help the economy and steal political thunder from his Republican opponents in an election year.
Barack Obama's proposal was quickly attacked as a cynical piece of electioneering

By Richard Blackden

The reduction will be accompanied by the elimination of dozens of corporate tax breaks and loopholes. Their elimination will make up for the revenue lost from the cut in the rate, The White House said. The 35pc rate of corporation tax, second only to the 39.5pc rate in Japan, has long been a target of US companies who claim it hurts their global competitiveness.

"Everyone agrees on the basic principle of lowering rates in exchange for eliminating loopholes," said Dean Baker, co-director of the Center for Economic and Policy Research.

While most in corporate America say they favour a simplified tax code, the plan to end loopholes - that typically favour particular industries - is likely to spark a fierce battle in Washington. In his State of The Union Address last month, Mr Obama said that getting rid of loopholes was key to any tax reform that would not end up adding to the deficit. The administration has already signalled that the tax breaks received by the oil and gas industry will be in the crosshairs of any reform. The White House has been working for more than a year on the first major overhaul of the US tax code since Ronald Reagan was President.

I remember when Presidents of The United States didn't bow down, kiss ass, apologize and bend over to dictators, muslim fanatics and other assorted tin horns like this coward does.