'Moving Toward a Crisis': Nat'l Debt Up 70% Under Obama to $18 Trillion
The United States' national debt has now passed the $18 trillion mark and is up by a whopping 70 percent since President Obama took office.
When Obama leaves office, the number will be near $20 trillion; the debt was $10.6 trillion when he arrived in the White House.
The Congressional Budget Office projects that the debt will be at $26.5 trillion in 10 years.
Fox Business Network's Stuart Varney weighed in on "America's Newsroom," saying eventually this is going to catch up to the country economically.
He explained $9 billion a week is spent on interest payments on the debt, with much of it going overseas.
"We are moving toward a train wreck and the train is picking up speed. ... I think we're moving toward a debt crisis, just like Europe. I don't know when it's gonna hit, but we're moving faster and faster in that direction," said Varney.
Martha MacCallum questioned how the government can keep proposing additional spending - such as $263 million for police training - without saying what they will also cut.
Varney said addressing the exploding debt comes down to having a serious debate about entitlement spending, like Medicare and Social Security.
"The president's program is to spend a lot of money, tax the rich and ignore the debt. Unfortunately the debt is so high, it's catching up to us," he said.
He also predicts that the $20 trillion debt figure will become a major political issue in the 2016 presidential election.
Watch the analysis below, and watch Stuart weekdays at 11a ET on Varney & Co. (Here's how to find FBN in your area.)