Doesn't matter. Obama not only raised it but also created the biggest debt from Washington to Clinton in less than 51/2 years. But I suspect you wouldn't understand that.
Not so.
As of Obama's inauguration (January 20, 2009), the national debt stood at $10.6 trillion. We will reach the current debt ceiling of $16.7 trillion by October 17, according to Treasury. So during Obama's time in office, the debt grew by $6.1 trillion. That's a lot, of course. But it needs some perspective. By comparison, in his eight years in office, G. W. Bush increased it by $4.9 trillion.
Also keep in mind that the costs for the two wars in Afghanistan and Iraq, which Bush started and Obama is shutting down, continued to add to the debt with a total estimate for both wars at $1.49 trillion by the end of fiscal 2013 (coming up on September 30th). Those wars were started by Bush, but their ongoing costs obviously contribute to the rise in debt under Obama.
Also, since the Fed stepped in, under Bernanke (appointed by Bush) to purchase assets under QE1 & 2, they will have purchased $2 trillion worth of Treasuries. That $2 trillion is owed to ourselves. So if you subtract that, the deficit under Obama has increased by $4.1 trillion, slightly less than Bush (granted it is over 5.5 years rather than eight). So while in office, Obama increased the national debt by 38.7%.
In contrast, Ronald Reagan increased the national debt from $1 trillion to $2.7 trillion during his two terms in office, which is an increase of $1.7 trillion, or 170%.
It is really from Reagan on that the national debt increases hugely accelerated, under subsequent administrations, Republican and Democratic.
