Since President Obama took office the national debt has increased by $3.7 trillion. To put that in perspective, it took the U.S. 216 years, from 1776 until 1992, to accumulate the same amount of debt that Obama has borrowed in 2.5 years.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
House Republicans know that job creation is #1.
What America's leaders have to say on public debt.
Get the latest from House Republicans on the fight to balance the budget.
When the Balanced Budget Amendment failed in 1995 by one vote, the national debt stood at $4.9 Trillion. Since then, the national debt has nearly quadrupled, and in 2021, it is projected to stand at $26.3 Trillion.
For each dollar the federal government spends, 40 cents of it is borrowed.
The projected tax revenue has stabilized while the amount of unfunded government spending has grown disproportionately.
At the current rate of spending, the projection of debt as a share of the U.S. Economy rises to nearly 350% in 2051.
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What has your family's share of public debt looked like over the years? Take a look »