Reality Check: Who is responsible for all this debt?
It may be the most partisan argument made over the debt ceiling.
How did we get here?
Supporters of President Obama say it was all because of President Bush. The result of 2 unfunded wars, the Medicare Part D prescription drug plan and the Bush era tax cuts.
Here are the facts.
When President Bush took office in 2000, the National debt was at $5.73 trillion dollars. The CBO at that time anticipated $6 billion dollars in surplus so if nothing changed we would have had no debt.
But things did change. Sept. 11th happened. Then the wars in Iraq and Afghanistan happened.
Those unfunded wars added $1.469 trillion dollars to the national debt.
President Bush spent $608 billion on non-defense discretionary spending. The Medicare drug plan $180 billion. and just before leaving office, the 2008 stimulus cost $773 billion.
In all, President Bush, during 8 years in office took us from $5.73 trillion dollar debt to a stunning, $10.7 trillion dollars.
When President Bush left office, the national debt had doubled over 8 years. From $5.73 to $10.7 trillion dollars.
Now comes President Obama.
Under President Obama during the past 29 months, the public debt held by the United States has grown another 3.4 trillion dollars.
Among other spending, the cost of the Iraq and Afghanistan wars have not been curbed. The U.S. is now paying 3/4ths of the cost for the third war in Libya which is entirely Obama's. Plus an additional $711 billion in stimulus spending. $278 billion in new non-defense discretionary spending, $425 billion in stimulus tax cuts and $152 billion in health reform and entitlement changes.
Taking out national debt from the time President Obama took office, until now from $10.7 trillion to $14.5 trillion.
Here's what you need to know.
The arguments are just not honest. How did we get here? The answer is simple. For the past 13 years, lawmakers have spent far too much money, both Republicans and Democrats.
Which is why regardless of what plan comes out of the House or Senate, the U.S. credit rating is almost definitely going to be downgraded. Why? Because giving ourselves permission to borrow more money does nothing about how we cut our debt.