(CNSNews.com) - The federal government has now borrowed more money during Barack Obama’s time as president than it did in the period lasting from the time President George Washington took the oath office until July 2, 2001, more than five months into the first term of President George W. Bush.
At the close of business on Jan. 20, 2009, when President Barack Obama was inaugurated, the national debt stood at $10,626,877,048,913.08, according to the Treasury. At the close of business this Thursday, it stood at $16,323,083,449,604.98.
That means the debt has increased $5,696,206,400,691.90 during Obama’s presidency.
On July 2, 2001, more than five months after President George W. Bush entered office, the national debt was $5,693,220,327,798.14, according to the Treasury. By the close of business on July 3, 2001, it had risen to 5,698,195,769,465.40. Since then, the debt has never again dropped below $5,696,206,400,691.90—the amount it has increased in less than one full term of Obama.
(Between late 1999 and the middle of 2001, as federal revenues sometimes exceeded expenditures, the debt fluctuated back and forth over the $5.696 trillion mark--only to finally pass that threshold, without retrenching, between July 2 and 3, 2001.)
On Thursday, Treasury Secretary Timothy Geithner suggested that Congress give President Obama the unilateral authority to lift the limit on the national debt.
The Census Bureau estimated in September that there were 114,916,000 households in the United States. That means that the $5,696,206,400,691.90 the Obama administration has borrowed in the name of U.S. taxpayers now equals about $49,568 per household.