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National Debt Reaches $25 Trillion Under President Obama's Budget

Created on March 4, 2014

National Debt Reaches $25 Trillion Under President Obama's Budget

Article ID: obama-budget-debt

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Read the original report, "Live Blog: Heritage Experts Weigh In On Obama's 2015 Budget."

If President Obama’s FY 2015 budget became law, the national debt would reach $25 trillion by 2024, despite massive tax increases. This debt would consist of $19 trillion borrowed in credit markets (public debt) and $6 trillion borrowed from government agencies (intragovernmental debt).

Source: Office of Management and Budget, Summary Tables: Budget of the U.S. Government, FY 2015, Table S–13, March 2014, http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/budget.pdf (accessed March 4, 2014).

Tags: national-debt, intragovernmental-debt, public-debt, 25-trillion