The Treasury Department recently released its monthly statement of the federal government’s receipts and outlays. Tax revenues in August were $194 billion. Federal spending was $323 billion. Altogether, that amounted to a shortfall of $129 billion.
With the August monthly deficit, President Obama reached a milestone he almost certainly would prefer to overlook – $7 trillion added to the national debt since he moved into the Oval Office. The total stands at $17.7 trillion.
It was not so long ago – July 3, 2008, to be exact – that future President Obama ripped George W. Bush for the deficits he piled up on his presidential watch.
What the Republican had done, said Obama, “is to take out a credit card from the Bank of China in the name of our children,” running up the national debt “$4 trillion by his lonesome.”
It not only was “irresponsible,” said Obama, it was downright “unpatriotic.”
We think he owes his predecessor an apology.
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