Senator John Thune (R-SD):
“Yesterday marked a troubling milestone for the United States. As most of you know, the national debt has now reached the $15 trillion mark for the first time in our nation’s history.
“President Obama’s economic policies of runaway spending and reckless borrowing have racked up record amounts of debt.
“Simply put, he’s making it worse.
“Since President Obama took office, we’ve seen our national debt increase by more than $4 trillion, or nearly 40 percent. Last year, fiscal year alone, Washington, under President Obama, added $1.3 trillion in debt—the second highest in the history of the United States and the third consecutive year with deficits over $1 trillion mark. Since President Obama was inaugurated, the United States has slipped from 1st place in global competitiveness to 5th place.
“The high level of debt has an impact not only on our economic productivity and growth, but also on American families. If you break this down and put it in terms that I think most Americans can relate to. The current U.S. debt per household in this country is $126,232 and if you include the nearly $61 trillion in unfunded obligations for entitlement programs that the federal government has committed to, the debt per household is an astonishing $528,000 per household. This figure represents more than five times what the average family has borrowed for everything else including cars, mortgages and all other types of debt that they might have.
“President Obama's polices are damaging our economy. Just this year, he presented a budget to Congress that would have added a staggering $9.47 trillion to the debt over the next decade and raised taxes by $1.5 trillion. The president showed a serious lack of leadership with his proposal. So much so that when it was voted on in the Senate it was rejected on a bipartisan vote of 99-0.
“The country is at a crossroads. Our national debt is now nearly 100 percent of our GDP. To put that in perspective, Greece has a debt-to-GDP ratio of 182 percent. We are certainly headed in that direction. Now is the time to make the tough decisions to get this country back on a sustainable fiscal path.
“Congressional Republicans continue to advocate for policies of less spending, lower taxes and less regulation.
“I call on President Obama to demonstrate leadership and work with us in a serious way to address this most important issue. How we deal with this $15 trillion debt will certainly determine the future of our country and the future of our children and grandchildren.”
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Budget and Spending National Debt