Washington, DC…September 5, 2012””American Majority Action President and CEO Ned Ryun released the following statement today in reaction to the Treasury Department’s announcement Tuesday that the national debt has reached $16 trillion.
“During his 2008 campaign, then Senator Obama attacked the Bush Administration for driving up our national debt, but after less than one term, his radical hypocrisy has led to a 51% increase in our nation’s liabilities to a dangerous and destructive $16 trillion. As Democrats set to nominate Obama for a second term, they blindly support a candidate whose leadership places the nation on the same collision course as Americans’ mortgages””under water and sinking fast.
Thanks to a bloated and untamed federal government, our debt grows by close to $3.5 billion each day. Obama can no longer play the blame game. Under Obama, the federal government has amassed $5.4 trillion in debt””surpassing the amount accumulated during both Bush terms. Amidst Obama’s push to overspend, his Democratic Senate has refused to pass a budget in over three years and this year marks the fourth consecutive year with a $1 trillion budget shortfall.
Obama’s fiscal policy is not only a national embarrassment, but it inflicts a heavy burden on ordinary Americans. Despite what he would like Americans to believe, this kind of reckless government spending and landmark debt leads to higher taxes and fewer jobs for everyone.”
Thomas J. Basile