A staggering $5 trillion has been added to the debt since President Obama took office, leaving the nation’s balance sheet $15.66 trillion in the red - and climbing. This unfortunate milestone comes as Senate Democrats have officially announced they will not offer a budget this year – the third straight year they’ve taken a pass on doing their job. Here’s a look at how President Obama and Senate Democrats’ failed policies and refusal to lead have sent our economy careening toward fiscal disaster and made private-sector job creation more difficult:
- “National Debt Will Continue to Rise as Far as the Eye Can See.” “The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022. … That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.” (CBS News, 3/19/12)
- “Four Straight Years of Trillion-Dollar-Plus Deficits.” “Obama’s spending blueprint for the budget year that begins Oct. 1 projects a deficit for this year of $1.33 trillion. That would mean four straight years of trillion-dollar-plus deficits.” (Associated Press, 2/12/12)
- “Debt Will Continue To Grow Faster Than The Economy.” “The soaring national debt has reached a symbolic tipping point: It's now as big as the entire U.S. economy. Long-term projections suggest the debt will continue to grow faster than the economy, which would have to expand by at least 6% a year to keep pace.” (USA Today, 1/9/12)
- “More than $5 Trillion in Interest Payments Over the Next Decade.” “Uncle Sam will shell out more than $5 trillion in interest payments over the next decade, according to the latest projections from the Congressional Budget Office. That's more than half of the projected $11 trillion increase in debt held by the public during that period.” (CNNMoney, 3/12/12)
- “Worst Monthly Deficit in History,” “$1 Trillion Deficits for the Rest of this Decade.” “The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars. … Mr. Obama last month released a budget that showed the government averaging $1 trillion deficits for the rest of this decade.” (The Washington Times, 3/8/12)
House Republicans have led where the president has failed and passed a responsible budget that addresses the major drivers of our debt and puts the nation back on the Path to Prosperity. The House-passed budget is part of the Republican jobs plan that will help create a better environment for private-sector job growth by reducing the uncertainty plaguing small business job creators as they anticipate higher taxes coming down the pike.The Democratic-led Senate has not passed a budget in 1,086 days, and the president’s widely-panned budget failed to garner even a single vote for the second year in a row. Republicans have charted a different course for America’s fiscal future, and it is incumbent upon the president and Senate Democrats to support that effort, or take responsibility for offering a serious plan of their own.