Obama and Trump’s proposed government shutdowns will cost taxpayers $10 billion each.
How Much Did Obama Add to the Nation’s Debt
From 2009 to 2012, U.S. debt rose by about $7.8 trillion, but then saw a significant drop in the following years. That $4.4 trillion increase was to pay for the Federal Stimulus Plan that helped the economy emerge from the Great Recession. Additionally, tax cuts under Bush had begun in 2008 and were still in effect in 2009. These factors were blamed by Republicans for creating a “fiscal cliff” that led to Obama’s defeat. Obama succeeded in raising taxes on the wealthy, but in addition, his supporters saw the booming economy with positive job and income statistics as evidence that America was pulling itself out of recession with his policies.
When George W. Bush was president, the U.S. debt increased by $5.8 trillion over his eight years in office. Congresses were also plagued by political gridlock, which likely increased the burden of federal debt on the public. After he left office, however, “the political climate improved, with both political parties demonstrating a willingness to negotiate on a solution to the debt” , which was further explained by BLS via USA Today.