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$8 Trillion Ago, Debt Was “Failure Of Leadership”; What Is It Now?

September 27, 2013

  • In March 2006, when the debt stood at $8.3 trillion, then-Senator Barack Obama lamented it as a “failure of leadership” and flatly said our country had a “debt problem.”

  • Yet 7 Years—and $8 trillion later—Obama’s definition of “leadership” has changed. After passing budget-busting bills like the stimulus and ObamaCare, our debt has nearly doubled and President Obama is still refusing to negotiate on the debt ceiling.

  • The real lack of leadership lies squarely with President Obama. If he was as concerned with the debt now as when he was preparing to run for president, we’d already be on the road toward fiscal stability.

 

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In March 2006, Then-Senator Obama Said Raising The Debt Was A “Failure Of Leadership.” (Andrew McCarthy, “Senator Barack Obama Explaining His 2006 Vote Against Raising The Debt Limit,” National Review, 1/4/11 )

When Obama Spoke In 2006, The Debt Was At $8.3 Trillion. (Debt To The Penny, Treasury Direct, Accessed 9/24/13)

  • Today, It Stands At $16.7 Trillion. (Debt To The Penny, Treasury Direct, Accessed 9/24/13)

The Total Cost Of The Stimulus Is Projected To Be $833 Billion. “The price tag of President Obama’s stimulus ticked up slightly, to $833 billion, according to the latest report Thursday from the Congressional Budget Office.” (Stephen Dinan, “Stimulus Price Tag Rises Again,” The Washington Times, 8/23/12)

The Projected Cost Of ObamaCare Is $2.6 Trillion. “The latest estimate, as the chart details, is that Obamacare will cost $2.6 trillion dollars in its first real decade. The bill does not fully go into effect until 2014, therefore the estimate begins with that year.” (Daniel Halper, “Obamacare Now Estimated to Cost $2.6 Trillion in First Decade,” The Weekly Standard, 7/11/12)

President Obama Has Refused To Negotiate Over The Debt Limit. “President Barack Obama warned Republicans in Congress on Monday that he will not negotiate over an extension of the U.S. debt ceiling as part of a budget battle that will soon dominate Washington, with a deadline fast approaching.” (Steve Holland and Mark Felsanthal, “Obama Says He Will Not Negotiate With Congress On Debt Ceiling,” Reuters, 9/16/13)