Obama Shatters Spending Record for First-Year Presidents

The federal government spent $3.5 trillion during President Obama’s first year in office. This far exceeds the spending for any other first-year president.

For a first-year president, Obama is in a class all by himself. By any measure, Obama’s spending is nothing short of extraordinary.

Obama’s first year spending spree is nearly double that of his predecessor and far exceeds the spending of any first year president in the country’s history.

Dwight Eisenhower brought government spending down to $556 billion in his first year, 1953.

Gerald Ford’s budget for 1975 was $982 billion.

Clinton’s spending added up to $13.5 trillion over his two full terms.

After adjusting for inflation, based on 2000 dollars, Bush spent $1.8 trillion in 2001.
Bush spent $16.8 trillion from 2001-2008.

Obama’s 2009 budget is near 21 percent of that for Clinton’s eight years in office.
His spending for fiscal 2009 hits $3.52 trillion ($2.8 trillion in 2000 dollars). That fiscal year covered the last three-and-a-half months of George W. Bush’s term and the first eight-and-a-half months of Obama’s.

Obama’s spending pushed the federal deficit to $1.42 trillion, nearly $1 trillion more than last year. The overall budget was about a half-trillion more than Bush’s for 2008, his final full fiscal year in office.

What the Interest on US debt could buy

For fiscal year 2009 federal government paid $202 billion in interest. Total interest on the debt includes intragovernmental holdings of $383.3 billion. This number is equal to the gross domestic product of Malaysia or Belgium.

Breakdown of the national debt:

Debt held by the public        : $7.6 trillion
Intragovernmental holdings     : $4.4 trillion
Total public debt outstanding  : $12 trillion

A subject near and dear to liberals is the amount spent on national defense. They rant and rave over military budgets, but have no problem with Obama’s record-breaking spending. They will no doubt choke on the following.

The total $383 billion in interest on the federal debt would pay for slightly more than half of the Defense department’s budget ($674.7 billion in FY2008). It would pay for just shy of half the annual budgets of Treasury ($751.2 billion) and Health and Human Services ($721.7 billion).

The $383 billion would cover the budget for the Dept. of Energy about 15 times over.

And how many government agency budgets could you pay for with $383 billion?

The $383 billion would pay for all on-budget costs of the following agencies (FY 2008), with about $12 billion in change left over.

AgencyFY 2008 on-budget
Executive Office of the President$289 M
General Services Administration$340 M
Small Business Administration$1.3 B
Legislative Branch$4.5 B
National Science Foundation$6.3 B
The Judiciary$6.5 B
Environmental Protection Agency$7.4 B
Corps of Engineers $9.1 B
Commerce$9.6 B
Interior$10.6 B
National Aeronautics and Space Administration$17.2 B
Energy$22.7 B
State$23.1 B
Justice$26.4 B
Homeland Security$50.6 B
Housing and Urban Development$50.9 B
Labor$57.9 B
Education$65.4 B
TOTAL:$370.2 B

And $383 billion would cover all federal government expenditures on the following areas (with about $13 billion left over):

CategoryFY 2008 expenditures
Natural resources & the environment$37.2 B
Agriculture$17.5 B
Transportation$81.5 B
Education$91.5 B
Veteran benefits & services$88.3 B
Administration of justice (law enforce. & courts)$49.1 B
TOTAL: $369.9 B