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How much debt did President Obama receive when he became president in 2008?
Wiki User
∙ 11y ago
When President Obama was about to take office, the national debt stood at $10.6 trillion. He inherited the debt from two wars, the Bush tax cuts, and a prescription drug benefit-- none of which had been paid for. President Bush himself had submitted a budget in 2008 in which he predicted that in 2009 there would be a budget deficit of $407 billion; it turned out the deficit was larger: $1.4 trillion. So that is what the new president had to deal with in his first year in office.
It should also be noted that President Obama's stimulus package added to the deficit, but many economists believed it was necessary in order to keep the economy from falling into a recession. There are still conservatives in congress who disagreed with the stimulus and believed that cutting spending was the most important thing, rather than trying to jump-start the economy. It is an ongoing debate even four years later.
Wiki User
∙ 11y ago
Wiki User
∙ 11y ago7 trillion
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When did Obama became the president of the US?
He became president on the 20th of January in 2009.
Who is the president after Barack Obama?
Donald J. Trump became the President after Barack Obama.
Wht was president obama before he became president?
Senator
What country Obama is president?
Barack Obama is the president of the United States of America, where in 2008, he became our first black president.
What was slavery like before obama became president?
The same as it is now that he became president .
What influence does Obama have on the U.S.A.?
He became president in 2009. Obama is still our United States president.
Was Barack Obama a president before he became President of the US?
Barack Obama was president of the Harvard Law Review journal before becoming president.
How did Obama became a president?
he was elected
How Obama became president?
Obama became the president because most of the people decide we needed a change in or lives also because he was better then doll face McCain that is how president became president of the united states in the whole world
Did Senator Obama become vice president?
No, Barack Obama became the 44th President of the United States.
Why did Barack Obama start his career as being a president?
Obama did not start his career as a president. First he started as a hard working student, then he became a lawyer. Later on, he became Senator from Illinois; then he became the US president.
When did Obama become a US president?
He became president on January 20th 2009.
