President O gets a new milestone

Well President Obama continues to give us the change he promised.

United States gross debt shot up $238 billion to reach 100 percent of gross domestic product after the government’s debt ceiling was lifted, Treasury figures showed.

On Tuesday, the Treasury had to add more than $200 billion of commitments immediately after President Barack Obama signed into law an increase in the debt ceiling.

The liabilities had been temporarily taken off the federal government’s balance sheet since May 16, when the Treasury reached the $14.29 trillion official cap.

It then used extraordinary measures to remain under the legal limit while deeply polarized Republicans and Democrats battled over raising the debt ceiling and reining in the country’s massive deficit.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, putting the United States in a league with highly indebted countries like Italy and Belgium.

Public debt subject to the official debt limit - a slightly tighter definition - was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.

And he still seems to want to do stimulus 2. Well we are in the summer of recovery V-2.

Terry

The stock market celebrated by being down 500+ points today

Too bad the Sarbanes-Oxley Act doesn't apply to the government.... talk about a perp walk.... it would be a perp round-up

OBAMA is making a joke out of the highest office in the land. It is a shame that the American people have to tolerate such a total disgrace to our great nation. This man does not have a clue as to what the hell is going on. He is clueless to what his job is supposed to consist of on a daily basis. Maybe he can go on tour with the Globetrotters because he is better at basketball than running the country.

Another milestone for the big O administration. A downgrade in our rating. These guys with some help from the R's continue to bring as was mentioned elswhere................change. Then off he went to hide at Camp David probably wants to not be around when the markets open Monday.

Super job team O what is next on the agenda? I am afraid to see what it is.

Terry

A tax on airplanes and millionaires making over $200k

That is more of the change he keeps touting. That will help with the deficit which is heading fast towards 18+ trillion.

Terry

you should know by now that it is not his fault!

Bush to blame for the past couple years and now it will be the fault of the Tea Party!

but as republicans we must come up with someone to run against him in 2012 instead of a "warm body"!

I can think of very few that can think he has a frickin clue! Been to bad if some would have checked his past voting records before putting him in the highest office in the world!

I went out for breakfast this morning.......My toast was not served hot..................Obama must be blamed......While I am at it my left front tire is 1.5 low I am placing blame on Obama and the Democrats. I also have a bag of peaches that have not correctly ripened......I definitely place the blame on Nancy Pelosi. I could cite more inadequacies in this administration but my grievances are of such great magnitude and impact my life in so strongly a way I cannot even list them. Smile..........Everybody have a good day.

Conservatives hate the debt...they just dont hate any of the line items that have caused it since the last time we had a balanced budget in our government.

- They love their unreconciled, trillion dollar tax cuts....
- they love the trillion dollar WMD hunt in IRAQ...
- they love their multi-trillion, corporate welfare tax breaks...

But, true, they do hate the debt.