Explore our collection of motivational and famous quotes by authors you know and love. Senior Treasury Department officials said in May that the U.S. is borrowing more in the second quarter than in all of 2019 because of efforts to combat the coronavirus pandemic. Free Daily Quotes. While the time lag makes it seem confusing, Congress intentionally set it up this way. Which President Rang Up the Highest Budget Deficit? Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' All presidents from 1790 to 1913: $2.9 billion debt created. . One can pay back the loan of gold, but one dies forever in debt to those who are kind. Mutual Fund and ETF data provided by Refinitiv Lipper. By using The Balance, you accept our. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. This material may not be published, broadcast, rewritten, Franklin D. Roosevelt (1933-1945): President Roosevelt had the largest percentage increase to the debt. This material may not be published, broadcast, rewritten, or redistributed. Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling: "I could end the deficit in 5 minutes," he told CNBC. (AP Photo/Andrew Harnik). 68. Accessed Nov. 5, 2020. Indeed, Senate Majority Leader Mitch McConnell has pushed back and shown little inclination to take up that package for now. How Have Democratic Presidents Affected the Economy? 69. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. National Debt and Credit Quotes Alexander Hamilton's most well-known quote with regards to debt is "A national debt will be to us a national blessing." The Congressional Budget Office is forecasting that this year’s deficit will hit $3.7 trillion, which would be more than double the record $1.4 trillion deficit set in 2009. Thank you! Our health-care morass is like the problems of global warming and the national debt - the kind of vast policy failure that is far easier to get into than to get out of. Check out what's clicking on Foxnews.com. "Historical Debt Outstanding - Annual 1950-1999." Franklin D. Roosevelt: Added $236 billion, a 1,048% increase from the $22.5 billion debt at the end of Hoover's last budget. Richard Nixon: Added $121.3 billion, a 34.3% increase from the $353.7 billion debt at the end of President Johnson's last budget. “The United States can pay any debt it has because we can always print money to do that.” — Alan Greenspan. See the gallery for tag and special word "National Debt". Warren G. Harding: Subtracted $1.6 billion from the debt, a 6.6% decrease from the $24 billion debt at the end of Wilson's last budget. Calvin Coolidge: Subtracted $5.2 billion from the debt, a roughly 24% decrease from the $22 billion debt at the end of Harding's last budget. Market data provided by Factset. Our nation stands at the crossroads of liberty. The national debt rose above $26 trillion for the first time this week, as the U.S. government spends at a historic pace while pumping trillions into coronavirus relief. Sure, why not? Debt Quotes Inspirational Quotes about Debt. Reagan's brand of supply-side economics didn't grow the economy enough to offset the lost revenue from its tax cuts. Accessed Nov. 5, 2020. All rights reserved. Crushing national debt, rampant illegal immigration, insane business regulations and staggering national unemployment are pushing our nation into unchartered territory. He added $21 billion, which was a 724% increase over the $2.9 billion debt of his predecessor. Lyndon B. Johnson: Added $42 billion, a 13% increase from the $312 billion debt at the end of President Kennedy's last budget, FY 1964. Bush launched the War on Terror in response to the 9/11 attacks, which led to multi-trillion-dollar spending on the War in Afghanistan and the Iraq War.Bush also dealt with the 2001 recession and the 2008 financial crisis., Barack Obama (2009-2017): Under President Obama, the national debt grew the most dollar-wise ($8.6 trillion) but was fifth in terms of percentage: 74%. Democrat or Republican: Which Political Party Has Grown the Economy More? Accessed Nov. 5, 2020. However, this is an unfair editing of what Hamilton actually wrote, leaving out the key part of the phrase - "if it is not excessive." Obama fought the Great Recession with an $831 billion economic stimulus package and added $858 billion through tax cuts. . George H.W. It covered the 2018 fiscal year, which didn't begin until October 1, 2017. "FY 2011 Budget." This comes after Congress has passed, and President Trump has signed, four coronavirus relief bills, including the $2.2 trillion CARES Act in late March. However, this is an unfair editing of what Hamilton actually wrote, leaving out the key part of the phrase - "if it is not excessive."