show. it s a real issue. republicans should say it s a real issue. they know what is happening in europe and they know they are on the precipice of catastrophe. we have a little time. the real number that affec affes your ability to borrow is the publicly held debt ; meaning debt held by china and others as a percentage of the economy. it was 45% when obama came in office. it s now 72%. that is huge increase in one term. the absolute amount of debt is $6.3 trillion. in a quarter of a millennium of our history to 11.2. by next year, obama will have doubled it. that is unsustainable. republicans have a large, i and should hit it hard. bret: next up, the friday lightning round.
of may. bill: a lot of numbers, isn t it? stew varney, fox business network. good morning. what is the news there? the news is we shell out 305 billion. bring in 180. that means we have a huge chunk of red ink. if you project forward that means we run out of authority to borrow money roughly the end of november. that means congress has to be asked if we can borrow more money. we hit the debt ceiling. the president has to go to congress to say can we raise the debt ceiling above the current ceiling of $16.3 trillion. that is a big political event. bill: we have a election first week in november. you say nothing changes debt ceiling hits end of november? roughly speaking. how to calculate precisely. bill: there is trump card held out there by the white house. they could make a deal. do you believe anything will be done before the election? doesn t look like it. the two sides of the fence are polar opposites.
he s leading from behind on the budget. senate democrats are not going to do the budget. the only ones that are going to lead on the budget are going to be the house republicans. after the end of this budget cycle, ten years, the because of the obama budget, if the obama budget was put in place, which it won t be, my son will inherit a $26.3 trillion debt. that is a it s a big deal. it s a political document. i think it s an irresponsible budget. i think he s going to the problem with the president is people don t think he s actually leading right now. okay. a lot of that debt we know comes about because of what he inherited. the president defend his budget saying we need to keep the economy growing right now. no time to be cutting spending right now. let s watch him. the main idea in the budget is this. at a time when our economy is growing and creating jobs at a faster clip, we ve got to do everything in our power to keep this recovery on track by reducing our deficit in
after the end of this budget cycle, ten years, the because of the obama budget, if the obama budget was put in place, which it won t be, my son will inherit a $26.3 trillion debt. that is a it s a big deal. it s a political document. i think it s an irresponsible budget. i think he s going to the problem with the president is people don t think he s actually leading right now. okay. a lot of that debt we know comes about because of what he inherited. the president defend his budget saying we need to keep the economy growing right now. no time to be cutting spending right now. let s watch him. the main idea in the budget is this. at a time when our economy is growing and creating jobs at a faster clip, we ve got to do everything in our power to keep this recovery on track by reducing our deficit in the long term, what that allows us to do is to invest in the things that will help grow our economy right now. we can t cut back on those things that are important for us
child. that s irresponsible. it s unpatriotic. steve: how many people voted for that guy who is running for president because it sounded like he was going to change all that? fast forward to today, nothing changed in washington, d.c still no balanced budget amendment, no spending caps, no entitlement reform as well. alisyn: i hope you saw that national debt clock. it has gone up expo centially since we ve been on the air. with in new request that s coming while congress is on recess, it will be $16.3 trillion. i mean, it is remarkable to go back and listen to barak obama say that it was irresponsible and unpatriotic and then once steve: a broken campaign promise. alisyn: it is. but also you could say once you have become part of washington, this is how things are done. steve: but when he was in the senate, as clayton made the point, when he was in the senate, he voted against upping the debt ceiling. alisyn: that s right.