United States Debt

Topics: George W. Bush, Barack Obama, Democratic Party Pages: 2 (626 words) Published: November 14, 2013
U.S Debt
Today we are faced with $16 trillion dollars in debt. The U.S. has been in debt almost all of its history. It has become a major problem recently in the past few years. Wars are a big reason for our debt. “The debt grew rapidly during most of President George W. Bush’s tenure and President Obama’s first term as the government borrowed money to fight two wars and the deepest recession in more than half a century (Lauter)”. The Wars in Afghanistan and Iraq was the most expensive, costing 4 to 6 trillion dollars all together. Taxpayers are paying a total of $11.26 million dollars for the price of warfare since 2001. Since 9/11 happened, taxpayers are paying $6.82 million dollars to Homeland Security. The U.S. has lowered, raised and temporarily changed the debt ceiling roughly 90 times in the 20th century. From 2001 to 2013 alone, the debt ceiling has been raised 14 times. On average, Congress raises the debt ceiling more than once a year. Since 1940, lawmakers have effectively approved 79 debt ceiling increases (Sahadi). At the beginning of August congress passed a bill which raised the debt ceiling $400 billion dollars, with additional room for $500 billion dollars at the end of the year 2011. At the end of the year 2011 President Obama had the opportunity to call for an additional $1.2 trillion dollars in the debt ceiling.

Our presidents in the past 50 years have raised our debt 15.21%. During President Reagan’s first term, he raised the debt $656 billion dollars and by his second term it was a $1.036 trillion dollars increase. During President Bush’s first term, he increased the debt by $1.885 trillion dollars and by his second term it went up to $3.014 trillion dollars. President Obama’s first term the debt raise $5.806 trillion dollars. “The current Obama administration projections indicate that the National Debt will increase to over 29 trillion dollars by the end of his second term (Agresti)”. When the Republican Senate disagreed with the...
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