indexChina now holds a record amount of U.S. treasuries, which increased from $12.2 billion to a record $1.317 trillion in November from data released by the Treasury Department website.

As the debate rages on in Washington, as both political parties blame each other on who is responsible for the over $17 trillion dollar federal debt, nothing happens to stem the flow of red ink!

While candidate Obama was running for presidency in 2008, Obama routinely criticized then-President George Bush for the egregious and “unpatriotic,” “irresponsible” way he has handled the federal debt.  To saddle future generations with this intolerable national debt is a disgrace.

In a speech he gave at a campaign event in Fargo, N.D., candidate Obama stated, “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child.”

President Bush was no steward of fiscal responsibility, having raised the federal debt over $4 trillion dollars in his eight years in office, but how times have changed. President Obama has now increased the federal debt over $7 trillion dollars in close to his six years in office.  Hardly fiscal responsible or patriotic!

If the nation is ever to get back to fiscal stability, it needs to address numerous key aspects of the federal budget.  The president will bring up the federal debt in his State of the Union address on Jan 28th, but it will be only rhetoric!  Both political parties will do nothing to solve the U.S. federal debt; especially in an election year.

Let’s see what the president proposes on the Jan 28th.

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