CBO projects debt to soar under Obama to $21 trillion by 2022

The Congressional Budget Office projects that the national debt under President Obama’s policies will rise to $21.665 trillion by 2022, according to its updated budget outlook.

The updated outlook, released Tuesday, found that current Obama administration policies will result in a 50 percent increase in debt held by the public and a 40 percent increase in intra-governmental debt held in the trust funds of entitlement programs.

…..

“As a result, gross federal debt is projected to climb every year from 2012 to 2022, reaching $21.7 trillion in 2022—47 percent more than its total of $14.8 trillion at the end of 2011.”

These projections come under CBO’s so-called baseline scenario, which assumes that all provisions of current law go into effect – including the massive tax increases currently scheduled to take effect in 2013 when the Bush tax rates are set to expire.

http://cnsnews.com/news/article/cbo-obama-s-policies-increase-national-debt-47-percent-217-trillion-2022

http://www.usdebtclock.org/

https://bellalu0.wordpress.com/2012/01/18/national-debt-now-exceeds-gdp-debt-set-to-increase-another-1-2-trillion/

This is going to collapse and there’s no doubt about it.  It’s just a matter of when.  And every time somebody tries to address the problem, the democrats, led by obama, screech like crazy and insist on spending more and more.

Posted:  02.02.12 @ 5:34 a.m.

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Filed under Barack Obama, Financial Crisis, Uncategorized

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