Obama’s Spending Plans Will Nearly Double the National Debt

Wall Street Journal reporter Steve Moore reported on Greta Van Sustern’s show tlast night on FOX News that the Obama Administration is borrowing $5 billion each month just to stay afloat. The US is paying $1.2 billion each month just on interest on the US debt to China. China is holding $776 billion in US Treasury Securities..
“Obama’s Spending Plans Will Nearly Double the National Debt–White House Leaked the News Late on Friday”
Monday, August 24, 2009
CNSNews
In news leaked late Friday to the Reuters news agency, the White House conceded that the national debt will increase by $9 trillion over the next ten years, nearly doubling a national debt that now stands at $11.67 trillion.
Until now, the White House had been estimating that the national debt would increase by $7.108 trillion between 2010 and 2019. On Friday evening, Reuters reported that an unnamed senior administration official was saying that a report due from the Office of Management and Budget on Tuesday would indicate that the debt would actually increase by $9 trillion during that period, almost $2 trillion more than the administration had previously estimated.
Since the beginning of the republic in the late 18th century, the U.S. government has accumulated a total of $11.67 trillion in debt. In the next decade, under the budget plans the Obama administration has in mind, that debt will almost double to about $20.67 trillion.
The administration is planning to run an average annual deficit of about $900 billion—or almost a trillion dollars—for each of the next ten years.
Until this year, according to historical budget tables published by the White House Office of Management and Budget, the largest annual budget deficit the U.S. government ever ran was in fiscal 2008, when the deficit was $458.5 billion.
The average deficits the Obama administration is now planning to run in each of the next ten years will now amost double that.

Wild Thing’s comment……
Obama is simultaneously printing the US dollar into oblivion (foreign investments in US debt have fallen off a cliff, graphically, in the past couple of months) nationalizing private enterprise, bailing out the banksters, and preparing to tax the hell out of every man, woman and child in this country, and doling out billions to his political supporters (ACORN, etc.).
President Reagan must be rolling in his grave at what is happening.
Reagan increased defense spending, especially on high tech strategic weaponry like stealth and missile defense. What makes that spending so different is that
1) Defense spending was used to topple the Soviet Union, which when accomplished, would free up a huge chunk of spending
2) The defense spending flowed into high paying engineering and US-based manufacturing (US citizens and companies). This floated a lot of boats and increased tax revenues proportionately.
This is completely different than throwing money down a Rat hole, never to produce any velocity or multipliers in economic expansion.