Green Room

It’s a new debt record!

posted at 10:00 pm on March 16, 2012 by

Way back in August, Jim Geraghty predicted that the day total public debt added by President Barack Obama would equal the total public debt added by President George W. Bush would be the Ides of March 2012:

When the debt increases another $877,587,378,565.23 ($877.58 billion), the debt accumulated under Obama’s presidency will equal the debt accumulated under Bush’s two terms.

Obviously, this can change, but barring some sudden shift in the federal government’s borrowing and spending habits, this milestone will be reached in 206 days from August 23, 2011. That would be March 15, 2012.

Beware the Ides of March.

Guess what? He nailed it. The Treasury Department’s Debt to the Penny web app lists the debt as of the Ides of March as:

  • Debt Held by the Public: $10,114,556,380.32
  • Intragovernmental Holdings: $4,744,695,335,387.67
  • Total Public Debt Outstanding: $15,564,809,891,767.99

The $4,937,931,842,854.91 in new total debt added under Obama’s watch, in a mere 1,150 days, is more than the $4,899,100,310,608.44 in new total debt added under Bush’s watch in 2,922 days.

If you prefer to just look at publicly-held debt, Obama broke the Bush record of $2.889 trillion in new publicly-held debt…back on the Ides of November 2010, and barely slowed down since. That total is now $4.512 trillion.

So, how did Obama celebrate? It probably would have been better had he gone to Disney World, but instead, he set another personal record of six fundraisers in a day, ignoring a whole host of indicators of hard times to gather cash for himself.

Revisions/extensions (10:51 am EDT 3/20/2012) - There’s a whole lot more on the front page from Ed, who notes that CBS was just a bit behind Jim (who was done posting for the weekend before the numbers came out) and me.

Recently in the Green Room:

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Well, at least that’s one less piece of ammunition that Team Obama can use against the GOP.

“Bush ran up the national debt by almost $5 trillion!”

“Yeah, and your guy did that in HALF the time.”

Time for a permanent debt ceiling… and a government shutdown if necessary. I wonder if anyone’s selling gold coins on eBay…

TMOverbeck on March 17, 2012 at 5:59 AM

I wonder if anyone’s selling gold coins on eBay…

The government will probably eventually seize privately held gold, just like they did before, only with fewer exceptions.

America’s total and utter economic (and societal) collapse is coming soon- and it’s going to be a doozy. You might be better off stocking up on bullets, beans and bandages.

Jay Mac on March 17, 2012 at 7:46 AM

The government will probably eventually seize privately held gold, just like they did before, only with fewer exceptions.

America’s total and utter economic (and societal) collapse is coming soon- and it’s going to be a doozy. You might be better off stocking up on bullets, beans and bandages.

Jay Mac on March 17, 2012 at 7:46 AM

He who has the gold makes the rules. He who has the lead will eventually have the gold.

Steve Eggleston on March 17, 2012 at 8:15 AM