Our country could care less about the debt. Obama will literally have doubled the debt by the time he leaves office. Incredible. And sadly we don’t have anything to show for it.
Check it out:
For the first time ever, the United States’ national debt surpassed $19 trillion, coming in at approximately $19.012 trillion Friday.
After $18 trillion on Dec. 15, 2014, it took a 13 months for the debt to reach the new threshold, which is a slightly quicker climb in debt from years passed. It took about 14 months for the debt to reach $16, $17 and $18 trillion.
Though the national debt has been a hot-button issue for Republicans, and reduction in spending has been a cornerstone of many GOP presidential candidates’ campaigns, spending does not seem to be on the decline. In fact, over the last few years, the federal government has been free to borrow as much as needed.
Several years ago, Congress passed legislation to increase the debt ceiling to a certain level, which required spending to stop once that threshold was reached. But, rather than reign in spending, Congress has instead suspended the debt ceiling, allowing for more borrowing until that suspension ends.
In November of 2015, after having been frozen at $18.1 trillion for several months, the maximum debt limit was suspended and the national debt grew by $339 billion in just one day.