One trillion, four hundred twenty billion dollars.  It’s an astounding number.  It’s more than the entire economy of India and enough to give every man, woman, and child in the United States $4700.

It is also our country’s federal budget deficit for 2009.  That means that in the fiscal year 2009, which runs from October 1, 2008 through September 30, 2009, the federal government spent $1.42 trillion more than it took in.  To put this in perspective, last year’s deficit was $459 billion – still an astounding number, but less than half the deficit for this year.

When our nation runs with a deficit like this year, we increase our national debt – or the total debt we owe over the life of our country.  Our current national debt is $9.1 trillion, and climbing every day.  The non-partisan Congressional Budget Office has projected that, under President Obama’s spending plans, our national debt will rise to $17.1 trillion by the year 2019, meaning an increase of $8 trillion over the next ten years.  Most of this debt is held by foreign countries.  China, not known for their great relations with our country, holds the most – more than $800 billion.

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According to the non-partisan Congressional Budget Office, the President’s budget proposal for 2010 will produce a $9.3 trillion addition to our current deficit over the next ten years.  As with a person or company that borrows money, the federal government must pay interest on all borrowed funds.  To do this, the federal government sells U.S. Treasury bonds and bills to people, companies, even foreign countries.  Because they were considered the safest product on the market- after all, what other investment could be more sound than the United States government- the bonds were sold at a very low interest rate, giving rise to a low borrowing cost.  The United States would primarily sell these Treasury bonds and bills to Asian markets and countries in the Middle East, but in addition they were sold to companies and people all over the world. 

As the United States deficit grows, however, our need for additional borrowed money grows.  Unfortunately, our two largest customers- Asian markets and Middle Eastern countries- have also been experiencing a market decline and falling oil prices, decreasing their ability to purchase these bonds and bills.  Even more importantly, as our national debt continues to grow, investors will be less enticed to purchase bonds and bills backed by a government that seems intent on wracking up debt without paying it off.

All of this leads to one clear fact: sometime shortly, we will no longer be able to continue to sell as many Treasury bonds and bills as we need to run the government.  So what happens then?

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Rep. Paul Ryan (R-WI), ranking member on the House Budget Committee, has done the American people a great service as the debate commences on President Barack Obama’s budget. We’ve all heard the argument from congressional Republicans: “It spends too much, borrows too much and taxes too much.” Put those words next to pictures and you begin to realize their significance.

The following 11 slides should be a staple of conservative efforts to counter Obama’s budget. As you can see, 95% of Americans will not get a tax cut. Families will actually have a net tax increase of $800 after they pay for Obama’s cap-and-trade program. But perhaps the most dramatic chart from Ryan is the depiction showing the doubling of the national debt and the pace at which it increases compared to President Bush’s tenure.

This weekend when Obama’s troops mobilize by going door-to-door in support of his budget proposal, make sure you’re armed with this set of charts to rebut their rhetoric.

Nancy Pelosi has got some stones:

House Dems eyeing another stimulus bill

At a special meeting of the Democratic Steering and Policy Committee on Tuesday morning, Democrats heard again from their trusted band of economists and came away reinforced that Congress would need to spend billions of additional taxpayer dollars in the coming months to help pull the economy out its severe recession.

One proposal being considered is an additional economic stimulus bill. Just last month, President Obama signed a $787 billion stimulus measure that Democrats contended was needed to save or create 3.5 million jobs and that Republicans derided as nothing more than debt-spending on wasteful federal projects…

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A hidden cost of President Obama’s big government spending orgy is the interest that will have to be paid on all the money that must be borrowed so Obama can expand the size and role of government.

William W. Beach says the Obama deficits in this year’s proposed budget will cost an additional $1.6 trillion on the national debt over 10 years. If we go back to the second analogy, that represents 50,701 years.

That’s just what Obama added to this year’s deficit for the so-called stimulus and other programs.

According to North Carolina Republican Senator, Richard Burr, the interest on the Obama deficit for spending in coming years is a whopping $4 trillion over the next 10 years - more than $1 billion in interest payments every day. Again using the second analogy, that represents 126,752 years.

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Greg Mankiw points out that while Barack Obama’s budget promises to increase the national debt by more than $9 trillion over the next ten years, even that figure relies on rosy growth projections that overstate tax revenues. I’ll refer you to Mankiw for the specific numbers. On the average however, Obama projects annual economic growth to be about a full percentage point better than the consensus of Blue Chip forecasts.

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The Democrat-controlled Congress, with help from President Obama’s big government vision, is on track to double the national debt in four years.

USA Today published an interactive chart that provides annual revenue, spending, deficit and national debt numbers. The most frightening number is the national debt.

When the Pelosi/Reid left-wing Democrats took control of Congress, the national debt stood at $9 trillion.

Based on Obama’s overview of his $4 trillion $1.75 trillion deficit budget, the chart predicts that, by 2010 — after the Democrats have controlled congress for only four years, the national debt will stand at $17.6 trillion. That is very nearly double the $8.67 trillion debt the Democrats “inherited.”

“We are not going to be able to perpetually finance the levels of debt that the federal government is currently carrying.” — President Obama, February 12, 2009

That was yesterday, before the Congressional Democrats and three Senate Republicans gave President Obama his national debt-busting $787 billion bailout boondoggle, which will actually cost $3.27 trillion.

Now, with his so-called “stimulus” in hand, Obama will morph into a deficit hawk.

Obama’ has scheduled his “fiscal-responsibility summit” for February 23, and according to the Wall Street Journal, three days later, Obama will start to pressure politicians to address the country’s debt crisis.

Oh the irony hypocrisy Obama. How does this president get away with having everything both ways?