The Debt Problem

‘Either We Tackle Our Nation’s Spending Problem, Or It Tackles Us.’ ~ Sen Mitch McConnell

SEN. MITCH McCONNELL (R-KY): “Four straight years of trillion-dollar deficits and projected spending that no realistic amount of tax revenue could cover have put us at a crossroads: either we tackle our nation’s spending problem, or it tackles us. It’s that simple. And there is no better time to do the work we need to do than now… the only way we’re going to address the spending that’s at the root of our nation’s fiscal problems is if the President is willing to bring the members of his party to the table, and get them to rise above the partisan voices on the Left who treat every penny of government spending as sacred.” (Sen. Mitch McConnell, Floor Remarks, 1/3/12)

The ‘Buck Stops’ With President Obama Who Has ‘Built Up The Debt’

THEN-SEN. BARACK OBAMA (D-IL): “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.” (Sen. Obama, Congressional Record, S.2237-8, 3/16/06)

• JACK LEW: “…we have just put it on the national credit card. And we have built up the debt...” (PBS, 2/14/11)

‘The Most Rapid Increase In The Debt Under Any U.S. President’

$5.81 trillion added to the debt since January ’09. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 1/26/12)

• $16.43 Trillion – The national debt as of January 3, 2013. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 1/3/13)
• $20+ Trillion – Debt target in President’s Budget. “CBO’s Estimate of the President’s Budget … Deficit (-) or Surplus… 2013-2022: -6,390 [billion dollars]” (“An Analysis Of The President’s 2013 Budget,” Congressional Budget Office, Table 2, P.3, 3/12)

CBS:“The most rapid increase in the debt under any U.S. President.” (“National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11)

‘A Deficit Of More Than $1 Trillion For Every Year Of Obama’s First Term’

“…the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term…” (“CBO Projects $1.08 Trillion Deficit, 8.9 Percent Jobless Rate In 2012” The Hill, 1/31/12)

• “The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011.” (“CBO Projects $1.08 Trillion Deficit, 8.9 Percent Jobless Rate In 2012” The Hill, 1/31/12)
• CBO: “The federal budget deficit was about $1.1 trillion in fiscal year 2012, CBO estimates…” (“Monthly Budget Review,” Congressional Budget Office, 10/5/12)

President’s 2013 Budget: Add $6.4 Trillion More To Debt

“CBO’s Estimate of the President’s Budget … Deficit (-) or Surplus… 2013-2022: -6,390 [billion dollars]” (“An Analysis Of The President’s 2013 Budget,” Congressional Budget Office, Table 2, P.3, 3/12)

• THE DETROIT NEWS: “President Barack Obama's 2013 budget proposal should be dismissed … the spending plan would lock America on an auto-pilot course for Greece.” (Editorial, “Obama Budget Shirks Off Any Pretense To Fiscal Responsibility,” The Detroit News, 2/14/12)

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