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$16,000,000,000,000

- September 4, 2012

The Undisputed Debt King Takes The Balance On The Nation's Credit Card To Unprecedented Heights

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THE NATIONAL DEBT HAS HIT THE $16 TRILLION MARK FOR THE FIRST TIME IN U.S. HISTORY

The National Debt Is Now $16.0 Trillion Dollars. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 9/4/12)

Since President Obama Took Office, The National Debt Has Risen $5.3 Trillion, An Increase Of Over 51 Percent. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 9/4/12)

  • Under Obama's Watch, Each Citizen's Share Of The National Debt Has Risen $17,454 To A Total Of $51,874. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 9/4/12)
  • Obama Has Added An Average Of $ 4,073,237,142 To The National Debt Every Day. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 9/4/12)
  • On Average, Obama Has Added $1 Trillion To The National Debt Every 245 Days. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 9/4/12)

HOW MUCH IS $16 TRILLION?

$16 Trillion Is More Than The Value Of All The Goods And Services Produced In The United States Last Year. ("Gross Domestic Product," Bureau Of Economic Analysis, BEA.gov, Accessed 9/4/12)

16 Trillion One-Dollar Bills Would Wrap Around The Earth's Equator Over 62,000 Times. ("Earth: Facts & Figures," NASA, Accessed 9/4/12)

In FY2011, The Bureau Of Engraving And Printing Produced $453 Million Worth Of Currency. At That Rate, It Would Take 35,320 Years To Print $16 Trillion. ("Annual Production Figures," Bureau Of Engraving And Printing, Accessed 9/4/12)

  • It Would Take The Average Household Over 323 Million Years To Pay Off The National Debt On Their Own. (Press Release, "Income, Poverty and Health Insurance Coverage in the United States: 2010," US Census Bureau, 9/13/11)

To Pay Off $16 Trillion In Debt, The Federal Government Would Have To Devote Every Dollar Of Revenue To Paying Off The Debt For 6.6 Years. ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022,"Congressional Budget Office, 8/22/12)

UNDER OBAMA, THE NATIONAL DEBT HAS SKYROCKETED

Politifact: Barack Obama Is "The Undisputed Debt King Of The Last Five Presidents." "So by this measurement -- potentially a more important one -- Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi's chart suggested." ("Nancy Pelosi Post Questionable Chart On Debt Accumulation By Barack Obama, Predecessors," Politifact, 5/19/11)

  • Obama Is Responsible For "The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News, 8/22/11)

Congressional Budget Office: "The Amount Of Federal Debt Held By The Public Has Skyrocketed In The Past Few Years, Rising From 40 Percent Of GDP At The End Of 2008 To An Estimated 73 Percent By The End Of This Year." ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022,"Congressional Budget Office, 8/22/12)

  • According To The CBO, Federal Debt Held By The Public Will Reach The Highest Levels Since The 1950s. "Federal debt held by the public will reach 73 percent of GDP by the end of this fiscal year-the highest level since 1950 and about twice the 36 percent of GDP that it measured at the end of 2007, before the financial crisis and recent recession." ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)

Obama's Binge Spending Has Racked Up +$1 Trillion Deficits Every Year In Office

The Congressional Budget Office Is Predicting This Year's Deficit Will Be The Fourth Straight Deficit To Exceed $1 Trillion Under Obama. "Congress' nonpartisan budget analysts are projecting a $1.1 trillion federal deficit for 2012, the fourth straight year the government's shortfall will exceed $1 trillion." ("Analysts Project $1.1T Federal Deficit This Year," The Associated Press, 8/22/12)

The Washington Post 's Fact Checker: Obama's Spending "Has Hit Highs Not Seen Since The End Of World War II." "In the post-war era, federal spending as a percentage of the U.S. economy has hovered around 20 percent, give or take a couple of percentage points. Under Obama, it has hit highs not seen since the end of World War II - completely the opposite of the point asserted by Carney. Part of this, of course, is a consequence of the recession, but it is also the result of a sustained higher level of spending." (Glenn Kessler, "The Facts About The Growth Of Spending Under Obama," The Washington Post , 5/25/12)

  • The Washington Post 's Fact Checker: Every Year In Office, Obama Has Wanted To Spend More Money Than Congress Would Allow. "So in every case, the president wanted to spend more money than he ended up getting. Nutting suggests that federal spending flattened under Obama, but another way to look at it is that it flattened at a much higher, post-emergency level - thanks in part to the efforts of lawmakers, not Obama." (Glenn Kessler, "The Facts About The Growth Of Spending Under Obama," The Washington Post , 5/25/12)

CBO: "The Federal Budget Deficit For Fiscal Year 2012 … Will Total $1.1 Trillion … Marking The Fourth Year In A Row With A Deficit Of More Than $1 Trillion." ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)

  • FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S. History. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
  • FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
  • FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. ("Monthly Budget Review: November 2011," Congressional Budget Office, 11/7/11)
  • FY2012: The OMB Predicts The Deficit Will Be $1.211 Trillion, The Fourth Highest In U.S. History. (Office Of Management & Budget, "Mid-Session Review: FY2013," The White House, 7/27/12)

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