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Debt grew four times faster under Obama than Clinton or Bush


President Obama lowered the hammer on the House GOP budget and the Republicans who have supported it this week, telling reporters that the plan is "thinly-veiled Social Darwinism" "disguised as [a] deficit reduction plan."

While the president may hit high on the rhetoric, the Senate Budget Committee responds with facts, noting that the rate of debt has grown four times faster under Obama than the previous two administrations.

The SBC notes that during the president's first term, the nation has run four consecutive trillion-dollar deficits, and under his budget, we would see another trillion-dollar deficit for FY 2013. The SBC writes in a statement:

The U.S.’ per-person government debt is now worse than that of Greece. Using the Administration’s own numbers:

  •  In just four years, President Obama’s policies will have added $6.4 trillion in new gross debt, for a total debt of $16.4 trillion by the end of this year.
  • Per-household debt will have risen from $85,500 at the end of 2008 to $135,100 by the end of 2012.
  • Average spending under the Obama Administration will be 33 percent higher than the four years preceding his term.
  • Spending in 2012 will be $800 billion higher than 2008.
  • Per-household spending in 2012 will be $7,000 greater than 2008—a 23 percent increase.
  • Per-household spending in 2022 under the president’s budget will be $44,000, nearly $20,000 higher than in 2008.
  • Per-household debt in 2022 under the president’s budget will be $195,000, more than double what it was in 2008.

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