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October 10, 2012

Federal debt keeps growing

NORMAN — Editor, The Transcript:

In response to “Your View,” (Chris Gentry) the Transcript, Sept. 27. The figures you quote about President Barack Obama’s spending are very close to accurate. But you stopped short of the whole story.

During the Obama administration, $6.3 trillion has been added to the federal debt. In 2008, public debt was 40.5 percent of the Gross Domestic Product (GDP). It is now 74.2 percent and growing.

President Obama has spent more than the five presidents before him combined. Total outlays in the four budget years ending and including Fiscal Year 2009 was $11.882 trillion. Total spending for the four years after that will total approximately $14.645 trillion. This is an increase of almost 24 percent.

When President Obama took office, the national debt was about $9 trillion. During his administration, the national debt has increased an astonishing $7 trillion at a rate of more than $4 billion per day. The national debt has passed the $16 trillion mark and is growing so fast that a current figure cannot be quoted here.

When G.W. Bush left office, the federal deficit was $459 billion. The deficit is now $1.3 trillion and growing. The White House predicts this year’s federal budget deficit will end up at $1.2 trillion, marking the fourth consecutive year of trillion dollar-plus deficits during Obama’s administration.

All these figures can be verified at official government websites dealing with spending.

THOMAS G. NIBLETT

Chief master sergeant (ret.), United States Air Force, Norman

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