The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.

Some Republicans in the new Congress have said they’ll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

There is about to be a very large fight in the Congress over the next couple months, and it will revolve around the National Debt and the ceiling Congress authorizes for that debt. The fact that our debt now sits above $14 trillion dollars should not only give pause, frankly, it should scare the bejesus out of every man, women and child. $14 trillion divided by the latest census figure of 310 million, means that every person in this country shares just over $45,000 dollars of the National Debt. That’s right; the baby that was born 5 seconds ago is already financially underwater.

The second thing that should not only scare us, but as a nation in a serious economic recession, infuriate us is that it took just 7 months to increase the National Debt by a trillion dollars. That’s just under a $143 billion in the red every month.

The GOP is stating that they will not support an increase to the debt ceiling unless there are some firm spending cuts put in place. Obama’s top economic advisor responded this weekend to threats against raising the debt ceiling thusly:

This is not a game. The debt ceiling is not something to toy with….If we hit the debt ceiling, that’s … essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic…..I don’t see why anybody’s talking about playing chicken with the debt ceiling. If we get to the point where you’ve damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity.

No sir, spending a $143 billion dollars per month that you don’t have, that’s insanity.

According to the left, I should be in good company. The smartest man to ever walk the planet said as much as me:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” Sen. Obama, Congressional Record, S.2237-8, 3/16/06

Well, that’s awkward. I wonder if Wonder Boy will fire Goolsbee over calling him insane. Really…

Obama is going to try and get in front of the GOP with his State of the Union address, and will likely focus heavily on debt reduction and tax reform. Which is fine, I suppose, but it’ll be nothing more than more talk. Obama has droned on and on about “fiscal responsibility” since he made the mental decision to run for President- hence the above quote- yet he has presided over a 40% increase in the National Debt since taking office.

Is it rank hypocrisy or just another in a long line of quotes showing political expediency and convenience. There is nothing in Obama’s political resume to show that he has ever been “fiscally responsible” with the people’s money. Calls and claims by him should be seen as such. Until he walks the walk, until he leads the effort to fiscally constrain the government that he manages, there is no reason to trust his words or give him credit for the actions and efforts of others.

Tell us again Mr. President, the buck stops where?