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Full Version: In 6 Months Since Budget Deal: Federal Debt Up $1 Trillion
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We will start to threaten the $20 trillion level on U.S. government debt later this year. The national debt is currently just short of $19.27 trillion. We become more indebted to the tune of $12,000 every second and approximately $1.3 billion every day.

The debt was exactly $10.63 trillion on the day Obama took office. The latest calculation from Treasury shows the debt has now hit $19.26 trillion. This is by far the largest increase in debt under any U.S. president in our history. For comparison, the national debt increased $4.9 trillion during the eight-year presidency of George W. Bush.

U.S. Debt Clock:

The media hasn't noticed this story since the numbers were released a few days ago. Boehner and McConnell caved on the deal and the debt has exploded in response.


The Contract with America Is a Fraud: Bernie Sanders on Debt, Finance, Economics (1995)

The Contract with America was a document released by the United States Republican Party during the 1994 Congressional election campaign.

Written by Newt Gingrich and Richard Armey, and in part using text from former President Ronald Reagan's 1985 State of the Union Address, the Contract detailed the actions the Republicans promised to take if they became the majority party in the United States House of Representatives for the first time in 40 years. Many of the Contract's policy ideas originated at The Heritage Foundation, a conservative think tank.

The Contract with America was introduced six weeks before the 1994 Congressional election, the first mid-term election of President Bill Clinton's Administration, and was signed by all but two of the Republican members of the House and all of the Party's non-incumbent Republican Congressional candidates.

Proponents say the Contract was revolutionary in its commitment to offering specific legislation for a vote, describing in detail the precise plan of the Congressional Representatives, and broadly nationalizing the Congressional election.

Furthermore, its provisions represented the view of many conservative Republicans on the issues of shrinking the size of government, promoting lower taxes and greater entrepreneurial activity, and both tort reform and welfare reform. Critics of the Contract describe it as a political ploy and election tool designed to have broad appeal while masking the Republicans' real agenda and failing to provide real legislation or governance.

The 1994 elections resulted in Republicans gaining 54 House and 9 U.S. Senate seats. When the Republicans gained this majority of seats in the 104th Congress, the Contract was seen as a triumph by party leaders such as Minority Whip Newt Gingrich, Dick Armey, and the American conservative movement in general.

The fate of the proposals in the Contract were mixed with some becoming law while some failed to pass the House or the Senate or were vetoed by President Clinton.
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