Debt to reach $16 trillion in time to crash Democrats’ convention
The Washington Times ^ | September 2, 2012 | Stephen Dinan
Posted on September 3, 2012 9:45:57 AM EDT by Qbert
CHARLOTTE, N.C. — Just as Democrats are gaveling in their convention Tuesday, the federal government likely will announce another dubious milestone — $16 trillion in total federal debt.
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With several debt auctions scheduled for the end of last week, budget analysts think the government probably broached the $16 trillion number on Friday, and it will be reported to the public Tuesday, which, thanks to the Labor Day holiday, is the next business day.
While $16 trillion isn’t a tipping point, it is a stark number that Republicans said will reflect poorly on Mr. Obama, who has overseen the biggest debt explosion in the country’s history.
“This is a grim landmark for the United States,” said Sen. Jeff Sessions of Alabama, the ranking Republican on the Senate Budget Committee. “Yet the president seems strangely unconcerned.”
The Obama campaign didn’t respond to a message seeking comment on the milestone, but, speaking on “Fox News Sunday,”David Axelrod, a top adviser to Mr. Obama, said the president has a “plausible plan” to stabilize the debt, but acknowledged the plan doesn’t actually begin to reduce it.
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The Congressional Budget Office last month said raising taxes or cutting spending, or both, might indeed send the economy into a recession, though the alternative — putting off fiscal tightening — means things are worse in the long term.
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Gross debt stood at $4.188 trillion when Mr. Clinton took office in 1993 and grew to $5.728 trillion when he turned the White House over to Mr. Bush, who added $4.899 trillion in his eight years in office, to reach $10.627 trillion on Jan. 20, 2009, when Mr. Obama took over. The country has already notched another $5.364 trillion during his term.
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