their train tracks. the federal government is refunding 222 million dollars to the puerto rico and u.s. virgin islands forum, and to algae growers to encourage the production of biofuels. and the fiscal cliff bill passed in congress does not address, among other things, the nation s debt ceiling which we have already hit setting up the next economic dialog to be played out the coming weeks. here you thought the fun was over. it congress does not raise the debt ceiling the federal government will not be able to pay its bills and here is a look at the situation when the president took office and today, when it comes to the national debt. in january of 09 the debt stood at 10.6 trillion dollars, and by the end of the president s first term, the national debt has risen to more than 16.3 trillion dollars. that s about a 54% increase in over four years. but while the president acknowledges that the deficit
might hit the debt ceiling before the eye election. you you want to explain that? by the time next year we will be backing in a dramatic period. table 62 in the analytical perspective, for anyone who maybes it through that volume, shows at the end of september, even assuming relatively good growth under the administration s projections, the debt that would be subject to that limit would stand at 16.3 trillion dollars, only relative to 16.4 trillion for the limited self, we would be bumping up against the constraint. by january back in the soup at exactly the same time that the tax cuts are expiring and the large sequestered cuts are coming online. this is going to be drama, much larger than what happened last summer. the largest budget drama. if you were excited by the budget, wait until january you ll have a great time. one of the things i worry about you called for the bush
state senator. [ applause ] sean: let me ask you, the senator is here and you re voice is a little bit i have laryngitis. sean: don t worry i ll fill in the gaps. it won t be that hard. you are in washington. you ve been there a lot of years. you worked out a lot of dees. you tried reach across the aisle. you tried to work with ted kennedy. have you ever seen it this bad? i ve never seen it this bad nor have i seen a group so arrogant that we have in washington now. absolutely arrogant. they are europeanizing america against our will taking over banks, car companies, a number of other entities in our society and federalizing everything. it is really starting to worry me plus, they are spending us into bankruptcy. actually, you know when obama took over, we were 6.2 6.3
state senator. [ applause ] sean: let me ask you, the senator is here and you re voice is a little bit i have laryngitis. sean: don t worry i ll fill in the gaps. it won t be that hard. you are in washington. you ve been there a lot of years. you worked out a lot of dees. you tried reach across the aisle. you tried to work with ted kennedy. have you ever seen it this bad? i ve never seen it this bad nor have i seen a group so arrogant that we have in washington now. absolutely arrogant. they are europeanizing america against our will taking over banks, car companies, a number of other entities in our society and federalizing everything. it is really starting to worry me plus, they are spending us into bankruptcy. actually, you know when obama took over, we were 6.2 6.3
it couldn t be on the way, sfrieth that a couldn t true. the it couldn t be true. it s largely behind us, right? the second depression largely due to recovery act is no longer a possibility. glenn: great. it was a close one. the bank around the corner is the least of our worries right now. how about fannie and freddie. over the next decade they re good for $389 billion in debt. you and i now are on the hook for total of 6.3 trillion dollars with fannie and freddie. fan an and freddie own or guarantee half of all residential mortgages in the