United States Government Now Has Less Than Two Months to Raise the National Debt Ceiling to Avoid Bankruptcy
by Andrew Puhanic
November 8th, 2012
WITH every passing day, the national debt of the United States Government continues to grow.
The current level of debt the United States Government owes stands at over $16.24 trillion.
President Obama, during his 2008 campaign, criticized former President Bush for allowing the national debt to grow to $11 trillion, yet he has done the exact opposite to what he promised.
In fact, President Obama promised that he would reduce (cut) America’s national debt in 2009 by 50% immediately after he was elected within his first term in office.
Four years later, America’s national debt has exploded to $16.24 trillion.
For President Obama to deliver on his 2008 promise, he would have to cut America’s national debt by an astonishing $10.7 trillion dollars.