While the President was negotiating with Congressional leaders last week about the debt ceiling, he advocated a “really big package” that would raise the debt ceiling by $4 trillion. When that seemed to be going nowhere, he said he would “settle” for a $2.4 trillion increase. This smaller amount, per the President, would get us “through” the 2012 elections without having to go through another “raise the debt ceiling” fiasco. Think about that for a moment.
What does that mean to America?
Hearing no answers (just kidding), let me offer my opinion.
President Obama intends to spend $2.4 trillion more than we receive in revenues between now, and November, 2012, some 15 months hence. If he didn’t think that, he would be more than willing to “settle” for a smaller debt ceiling increase.
Should he get his wish, this President, in only 4 years, will have doubled a national debt that, prior to him, took us some 220 years to amass.
I had no idea that “hope and change” would be this expensive.