An analysis by CBS News shows that the national debt has skyrocketed under President Barack Obama — increasing more than $4 trillion during his presidency.On average, the national debt increased $4.247 billion during each day Obama has been in office.
The national debt increased $4.9 trillion during George W. Bush’s eight-year presidency, CBS’s Mark Knoller writes.
Obama has repeatedly defended himself from criticism over the rising debt by noting that he took office in the depths of an economic crisis, amid two wars, and with the government already set to run up huge deficits as a result of the Medicare prescription drug program and the Bush tax cuts.
The debt was $10.626 trillion on January 20, 2009 — the day Obama was sworn in. According to the Treasury Department, today the government’s total outstanding debt stands at $14,639,239,567,874.38.
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