How much of the national debt was carried over from the Bush Amdinistration?
Monday, December 21st, 2009 at
12:46 am
Bush took office 9 years ago with a financial surplus left by Clinton. In the eight years Bush was president our national debt went up almost three times what is was when he took office. The Obama administration is now showing the greatest national debt in our history. That debt includes a great amount of debt left by Bush - anyone have any idea where a person can find out what the national debt was on 1 January 2009?
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All of it.
"Reagan proved deficits don’t matter," Vice President Cheney said in 2002 when pushing for a fresh round of tax cuts. With this attitude in hand, Bush passed on a budgetary nightmare to his successor. Bush came into office with an advantage few presidents have enjoyed — a $230 billion surplus. But due to a $1.35 trillion tax cut in 2001, a $1.5 trillion tax cut in 2003, and a massive defense buildup through the Iraq and Afghanistan wars, Bush quickly blew through that surplus. The next president will "inherit a fiscal meltdown," Senate Budget Committee Chairman Kent Conrad (D-ND) warned in February 2008, as the Bush administration projected a budget deficit of $400 billion. After the financial crisis emerged last fall and the ensuing bailouts, Bush’s budget deficit ballooned to over $1 trillion.
http://www.huffingtonpost.com/the-progress-report/the-bush-deficit_b_169475.html
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm
surplus?
you are joking, right.
if not anything other then what you want to be true you wont believe
When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64.
When Bush left office on January 20, 2009, the national debt was $10,626,877,048,913.08.
The growth in the national debt during his eight years in office: $4,899,100,310,608.44.
Currently, it’s at $12,139,171,775,200.64………..an increase of $1,512,294,726,287.56 in less than one year.
It’s not our dept that bothers you, it’s how much bush left, today in the real world obama is president, he is the person that you should worry about with our dept., bush can’t hurt you no more O.K What is it you guys live in the past with bush and in the future with global warming, what happened to the now
I tend to look at budget to budget.
When Bush’s first budget took effect on Oct 1, 2001, the debt was about $5 trillion dollars.
When Bush’s last budget expired on September 31, 2009, the debt was over $11 trillion dollars.
Wrong on both accounts.
There was no surplus.
The debt was not tripled by Bush.
Also don’t forget that spending is controlled by Congress not the President. The largest increases in debt during Bush’s Presidency were the last two, when the Democrats controlled Congress.
Year - Gross Debt in Billions - as % of GDP
2001 - 5,769.9 - 57.4
2002 - 6,198.4 - 59.7
2003 - 6,760.0 - 62.6
2004 - 7,354.7 - 63.9
2005 - 7,905.3 - 64.6
2006 - 8,451.4 - 65.0
2007 - 8,950.7 - 65.6
2008 - 9,985.8 - 70.2
By Contrast here are the projected debts -
2009 (est.) - 12,867.5 - 90.4
2010 (est.) - 14,456.3 - 98.1
Insanely high.
about 10 trillion.
It is cumulative unless paid down or off, which Bush didn’t do.
But Obama could teach him quite a bit about deficits, see chart: http://flutemandy.files.wordpress.com/2009/03/deficit-chart.jpg
"When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64.
When "W" left office on January 20, 2009, the national debt was $10,626,877,048,913.08.
The growth in the national debt during his eight years in office: $4,899,100,310,608.44.
The average yearly growth in the national debt during Bush’s presidency: $612,387,538,826.05.
During much of Bush’s tenure, he had a Republican majority in both the House and the Senate.
He claimed that tax cuts would pay for themselves - they did not. He claimed that tax cuts would result in growth - we are in the worst economic downturn since the Great Depression."
http://agonist.org/amc/20090123/bushs_two_term_increase_in_the_national_debt
As of today, "The latest posting by Treasury shows the National Debt at nearly $12.135 trillion."
http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml
GOOGLE KNOWS ALL.