As The Debt Ceiling Increases, Name Calling Ends for Obama

As the debt ceiling grows rapidly, president Obama is no longer in a position to call former president Goerge.W.Bush ‘unpatriotic’. Last week, the Obama administration requested to raise the debt ceiling to $16.4 trillion. He wants it to be up by $1.2 from the last year.

When the money spent by the government exceeds the revenue collected, money is borrowed to deal with the deficit created. Debt ceiling is the limit placed by the American Treasury beyond which the American government cannot borrow. This is not new to the Obama administration. The debt ceiling at the time he entered was $10.6 trillion. Within a month of his settling in to office, it was raised to $12.1 trillion.

 

Switch to our mobile site