Last week, President Donald Trump demonstrated that he’s more than willing to work with Democrats to push us further in debt by raising the debt ceiling rather than get spending under control like he promised on the campaign trail.
Following that little song and dance last week, the US federal debt is well over $20 Trillion.
Will we see the numbers double by the time he leaves office like we did with Barack Hussein Obama Soetoro Sobarkah and George W. Bush? Time will tell.
Zero Hedge reports:
According to the latest Daily Treasury Statement as of Friday, total US debt surged by $317.6 billion from its Thursday closing print of $19.845 trillion, following the short-term debt suspension which kicked the can through December 8, to finally rise above the “psychological barrier” of $20 trillion, or $20,162,176,797,904.13 to be precise.
As shown in the chart below, from March 16 until Thursday, Sept. 8, the official federal debt subject to the legal limit was at $19,808,747,000,000, i.e. the statutory debt ceiling. This is because the previous suspension of the debt limit expired on March 15 and the debt limit had been reset on that day at the level the debt reached at the close of business that day. On that day, the Treasury started using “extraordinary measures” to keep the debt subject to the limit about $25 milion below the limit.
The Treasury was finally freed from this limit on Friday, and thus the $317.6 billion surge in one day as the US Government replenished its extraordinary measures, which should allow the Treasury to coast until some time in March even after the next debt ceiling is hit on December 8.
This debt will continue to be massive because he has failed to see a full repeal of Obamacare, something he promised the American people. And please, don’t blame it all on the Congress and Senate. He was pushing for those bills they had that didn’t repeal Obamacare, and we know that he sure does like universal healthcare.
Though he has pushed for some welfare cuts, they’re fairly small in the long run. Constitutionally, they should be eliminated entirely.
Other issues that are problematic on the road ahead is the fact that he said he would fight for the people, but we haven’t seen a lot of that when it comes to spending and we certainly have not seen that when it comes to constitutional spending.
In fact, I would venture to guess that Donald Trump, like several of his predecessors, doesn’t even understand what the Constitution allows Congress to spend money on, but I do know that he said he was open to a government shutdown if he doesn’t get funding for the border wall, though he was being pushed to grant amnesty to millions of illegal aliens.
I’m not going to hold my breath for Trump to let a government shutdown actually occur that has any weight to it. He caved the first go round way too quickly to be trusted to take a stand on that, and this debt ceiling business demonstrates that he is not serious about keeping his promise concerning the government spending and debt that has been taking place for decades.
While he did rescind DACA, he said he would revisit it in six months to see if Congress acts. That is telling right there. Keep an eye out.
All of this is not Trump’s fault, of course. The people of America have voted in representatives who want just as much debt for the country as the people they represent. After all, the majority of Americans are up to their eyeballs or even in over their heads in debt. Multiple Congresses and presidents have ignored their oath of office to keep spending limited to the Constitution.
Every member of Congress that continues to vote for unconstitutional spending and every president that signs bills with unconstitutional spending in them are committing crimes against the people they represent by violating the Constitution, and it’s continuing under the Trump administration.
While I wish we would see the Trump that campaigned, I’m pretty sure that Steve Bannon put that to bed last month when he said, “The Trump presidency that we fought for, and won, is over. We still have a huge movement, and we will make something of this Trump presidency. But that presidency is over. It’ll be something else. And, there’ll be all kinds of fights, and there’ll be good days and bad days, but that presidency is over.”