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Elections, Features, Politics

SOTU FACT: National Debt Is Now $52K+ Per American

Posted: February 13, 2013 at 3:45 pm   /   by

CLAIM: We already cut spending. We’re half way to our deficit reduction goal!

  • “We are more than halfway towards the goal of $4 trillion in deficit reduction that economists say we need to stabilize our finances.” (President Obama, State of the Union Address, February 12, 2013)

FACT: After four years of ‘stimulus’-style spending and trillion-dollar deficits, every American now owes more than $52,000 on our $16 trillion (and growing) national debt. We need serious spending cuts and reforms.

  • President Obama promised Congress he would “cut the deficit in half” by the end of his first term. Instead, he’s overseen the four straight years of trillion-dollar deficits.
  • A recent Pew survey found 72 percent of Americans say “reducing the budget deficit should be a top priority, up 19 points from four years ago.”
  • According to Reuters, a recent report by the Congressional Budget Office (CBO) “warned that U.S. debt held by the public would continue to mount” and – unless it is addressed soon – “would crowd out private investment and seriously limit lawmakers’ flexibility to deal with challenges such as a new recession or a future war.”
  • Fitch Ratings made it clear recently that America’s national debt is undermining our economy, and that raising the debt limit without making serious spending cuts and reforms could result in another credit downgrade for the United States.
  • The House passed the No Budget, No Pay Act to force Senate Democrats to pass a budget for the first time in four years.
  • The House also passed the bipartisan Require a PLAN Act (H.R. 444) by Rep. Tom Price (R-GA) to force President Obama to estimate when his budget proposal will balance – “and outline the steps he proposes to eliminate the budget deficit.”

BOEHNER QUOTE: “Passing a budget is one of the most basic responsibilities of governing. But the Senate has failed to fulfill this responsibility for nearly four years. In that time, our debt has risen to the point that it now exceeds the size of our entire economy. … Every day that goes by without [a budget] is another day we are failing to solve our spending problem and putting our economy at unnecessary risk.” (Op-ed in Pittsburgh Tribune-Review, 2/4/13)

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SOTU FACT: National Debt Is Now $52K+ Per American