As Democratic Convention Opens, National Debt Tops $16 Trillion
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The national debt has reached an all-time high of $16 trillion, according to the Treasury Department.
The new debt figures came out just hours before the three-day Democratic National Convention kicked off in Charlotte, N.C., fueling new GOP attacks against President Obama and his spending policies.
“Today’s news is another sad reminder of President Obama’s broken promise to cut the deficit in half,” said House Speaker John Boehner, R-Ohio, in a statement today. “This debt is a drain on our economy and a crushing burden on our kids and grandkids, and it’s yet another indication that the president’s policies have made things worse.”
It appears the U.S. first reached the new $16 trillion debt figure last week, on Aug. 31, according to the Daily Treasury Statement. The Treasury Department quietly posted it on its website today.
The new debt numbers work out to about $51,000 for every American, according to U.S. Census population estimates.
Out on the campaign trail in Cedar Rapids, Iowa, Rep. Paul Ryan today called the new debt figure a serious threat to jobs and the economy.
“Of all the broken promises from President Obama, this is probably the worst one because this debt is threatening jobs today,” he said. “It is threatening prosperity today, and it is guaranteeing that our children and grandchildren get a diminished future.”
The Republican National Committee was quick to seize on the debt news, going on the attack with a new online ad.
The one-minute ad shows three clips of the president speaking about the national debt, overlaid rising debt numbers. It hits Obama for his remarks on the campaign trail in 2008, when the debt first topped $9 trillion, as well as his February 2009 announcement at a “Fiscal Responsibility Summit” that he planned to cut the deficit in half by the end of his first term.
“By his own measurement, President Obama has failed,” the ad says at the end. “Talk is cheap. Our debt isn’t.”
Republicans have made the debt a major issue this election cycle, installing two large debt clocks as centerpieces of their convention last week in Tampa, Fla.
Get more pure politics at ABC News.com/Politics and a lighter take on the news at OTUSNews.com
House Majority Leader Eric Cantor said today the national debt has increased more than $5 trillion during the president’s first term. He added that the president’s proposed tax on small business owners could mean 700,000 lost job opportunities.
“It’s time to address the serious fiscal challenges we face and stop spending money we don’t have,” he said in a statement today. “We cannot afford more of the same failed policies, big-government spending and massive tax hikes on hardworking families and small businesses.”
Rep. Tom Graves, R-Ga., today called the debt “untenable, irresponsible, and unsustainable.”
“Clearly, the President’s vision for America is one of debt and dependency, rather than opportunity and prosperity,” he said in a statement. “Instead of spending our way into oblivion and increasing our ever-growing debt, we must begin the process to restoring our fiscal health through growing the economy.”
ABC’s Shushannah Walshe contributed to this report.
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Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . . . and then watched the largest economic collapse since the Great Depression on his shift?
Posted by: Dave | September 4, 2012, 7:37 pm 7:37 pm
Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . . . and then watched the largest economic collapse since the Great Depression on his shift?
Posted by: Dave | September 4, 2012, 7:37 pm 7:37 pm
Boehner was either drunk or on the golf course. Ryan was posing in front of the mirror and the ab machine.
Posted by: Swiftie the Boat | September 4, 2012, 7:40 pm 7:40 pm
time to overthow obama’s kingdom:
“Three Un-Wise Men.” King Barack, Prince Harry and Joe the Joker must go
With national debt quickly approaching $16,000,000,000,000—yes, 16 trillion dollars—and gas prices hovering around $4/gallon across the country, American taxpayers are drowning. But Obama, Reid and Biden want to raise our taxes to continue paying for their big government programs, like Obamacare! They’re willing to wager America’s future prosperity for their ideological goals.
Posted by: love usa | September 4, 2012, 7:45 pm 7:45 pm
Posted by: love usa | September 4, 2012, 7:46 pm 7:46 pm
I’m watching the Democratic Convention right now and its excellent. Funny how it actually looks like a cross-section of American – the Republican Convention didn’t.
Posted by: JoeT | September 4, 2012, 7:55 pm 7:55 pm
Posted by: love usa | September 4, 2012, 7:46 pm 7:46 pm
I’m watching the Democratic Convention right now and its excellent. Funny how it actually looks like a cross-section of America – the Republican Convention didn’t.
Posted by: JoeT | September 4, 2012, 7:56 pm 7:56 pm
Posted by: love usa | September 4, 2012, 7:46 pm 7:46 pm
Anyone scratching from bed bug bites?
Funny how it actually looks like a cross-section of America”
Give the President a few more years and we will all be shilling for something for free!
Posted by: david | September 4, 2012, 8:14 pm 8:14 pm
Does the $150 million to build world class soccer field for Muslim detainees at Gitmo bay included in that $16 trillion national debt. Keep on digging the hole deeper , Mr. Barrack Hussein Obama. You cannot go forward when you are in a deeper hole . Common sense is to get out of the hole first…
Posted by: acdc2012 | September 4, 2012, 9:25 pm 9:25 pm
President Romney and Vice President Ryan will keep focused on the economy. Obama can’t fight this..his record is a failure. Ohio will go to Romney in November. We can’t stand Obama and don’t even want his sorry butt in our state. No Plan…No Clue..NOBAMA 2012!
Posted by: Ohio4Romney | September 4, 2012, 9:26 pm 9:26 pm
Still climbing,and likely to go over the 20 T mark if Obama is re-elected. Disaster in the wings.
Posted by: Rick McDaniel | September 4, 2012, 9:27 pm 9:27 pm
16 Trillion, Woo Hoo!
Now Barry needs to pay down 11 Trillion to get the deficit to where he said he would when he took office, namely 5 Trillion.
Completely undoable for this Economic Man-Child.
Posted by: Noz | September 4, 2012, 9:30 pm 9:30 pm
“Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . ” – Davie the Liberal
I heard they were having a beer with Obama, Barney, Chris Dodd, Pelosi and Hairy Reid.
It was right after the Demos took control of the Congress and Bush had sent in his application to become a RINO. Soon after that the deficits ballooned and with Frank and Dodd overseeing the Banking industry the stage was set for disaster.
Barry did nothing.
In fact, I think he was having a hard time voting present.
(sigh)
If only we could go back to those days of Demo control eh Dave?
Posted by: Noz | September 4, 2012, 9:38 pm 9:38 pm
Oh yeah, Dirty Harry and his 500 million polk bill for Cowboy Poetry Annual Club…
Posted by: acdc2012 | September 4, 2012, 9:41 pm 9:41 pm
Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . . . and then watched the largest economic collapse since the Great Depression on his shift?
Posted by: Dave | September 4, 2012, 7:37 pm 7:37 pm
Republicans are nothing if not hypocrites.
Posted by: Swiftie the Boat | September 4, 2012, 7:40 pm 7:40 pm
Posted by: Jim | September 4, 2012, 10:15 pm 10:15 pm
I love the look of the Democratic conventions and the amazing mix of people.
Posted by: Sarah | September 4, 2012, 10:29 pm 10:29 pm
Poor Barrack Hussein Obama! He still does get it. He thought a huge stadium filled with homeless people and 99% occupopo will impress the nation. Buses after buses loaded up with free loaders who knows maybe free lunch will be threw in as well . They were brought in to make Barrack Hussein Obama feel important. SELF VALIDATION is a bad sign for a leader.
Posted by: acdc2012 | September 4, 2012, 10:31 pm 10:31 pm
Posted by: acdc2012 | September 4, 2012, 10:31 pm 10:31 pm
Your words reflect far more on who you are than on anybody else. What a lowlife post. May the creator lift you up out of the gutter of your own mind.
Posted by: Rebecca | September 4, 2012, 11:36 pm 11:36 pm
Jimbo, I answered Davie’s question but you seemed to have missed it, as usual.
Posted by: Noz | September 5, 2012, 12:38 am 12:38 am
Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . . . and then watched the largest economic collapse since the Great Depression on his shift?
Posted by: Dave | September 4, 2012, 7:37 pm 7:37 pm
Republican hypocrites indeed.
Posted by: Jesse | September 5, 2012, 1:14 am 1:14 am
You can thank the republican party for that, they got us into this
Posted by: roy b | September 5, 2012, 5:22 am 5:22 am
Jesse, Roy, Jim, Davie please pay attention.
“Where were Boehner and Ryan when the last Republican president took Clinton’s surplus budgets, turned them into massive deficits, doubled the national debt . . ” – Davie the Liberal
I heard they were having a beer with Obama, Barney, Chris Dodd, Pelosi and Hairy Reid.
It was right after the Demos took control of the Congress and Bush had sent in his application to become a RINO. Soon after that the deficits ballooned and with Frank and Dodd overseeing the Banking industry the stage was set for disaster.
Barry did nothing.
In fact, I think he was having a hard time voting present.
(sigh)
If only we could go back to those days of Demo control eh Dave?
Posted by: Noz | September 5, 2012, 7:41 am 7:41 am
the President should announce his new budget of only 1Million dollars and only tax the house and senators and as Grover said the gov’t should be the size of a bathtub let see how the military hawks pay for that?
Posted by: Lee | September 5, 2012, 10:23 am 10:23 am
Dear Joet — if you watched the right channels during the RNC (not the networks) you saw a wonderfully diverse cross section of Americans. C-SPAN, Fox and even CNN showed crowd shots that included several Latinos, African Americans and thousands of women. Stop watching NBC, CBS and ABC all the time and starting watching reality a bit more. Balance is good. The bottom line is more than ever, Latinos, African Americans and all minorities are seeing that all democrats are espousing is dependency (46 million on food stamps) and votes, while Republicans preach independence and freedom. It’s all over for Barack Hussein Obama.
Posted by: Brent | September 5, 2012, 10:24 am 10:24 am
Whose the only president in HISTORY to never pass a budget during his term??? Hmm….
And libs, don’t blame Repubs with our knee jerk mentality. Don’t forget your savior, OBUMMER, had a democratic house AND Senate his first two years in office.
We’ve all been screwed enough.
Posted by: Brent | September 5, 2012, 10:29 am 10:29 am
sad to say but if Republicans do take White House they WILL have to raise the debt again as no cuts to military won’t cut it so the debt will become theirs as they will have to live with the last Obama budget CONGRESS passed
Posted by: Lee | September 5, 2012, 10:29 am 10:29 am
brent 46 million on food stamps a lot of those are senior citizens with small SSA checks you know “The Greatest Generation” and a new baby boomers are coming along you know the ones who lost their pensions when companies closed and moved or just couldn’t afford anymore while paying CEO millions and Wall street stole their 401Ks and used the money to push companies overseas while closing here not many companies offer pensions anymore so the SS which Repubs want to cut will not be enough to live on so Food stamps housing assistance etc will be ?? also cut
any savings put away have been eaten away with the low intrest rates paid by banks while charging ever higher fees and intrest rate saw and ad for a market CD paying 1.8% whose fault is it there are so many depending
Posted by: Lee | September 5, 2012, 10:42 am 10:42 am
ps brent my son pays more interst on his student loans for the next 20 years than the bank pays on savings and CDs if his student loans were tied to the interst on CDs maybe he and every other student would be able to afford or Banks would keep CD intrest artifically high but you know how banks HATE to pay out
Posted by: Lee | September 5, 2012, 10:48 am 10:48 am
Big debt is really no big deal to the obama administration and democrats. Actually it is a very effective way of emasculating a nation so that it can no longer project power. As a nation weakens economically it can no longer afford an effective military and influence economic decisions internationally. We become just another nation in the world of nations more on par power wise with all of the others. Since we can no longer project power either econmically, militarily or diplomatically then as other nations gain in power we must be subservient to them. This is obama’s real goal.
Posted by: Perplexed | September 5, 2012, 10:55 am 10:55 am
So which president added the last 5 trillion? Isn’t he the guy who was going to cut it in half?
Posted by: jamescbuilder | September 5, 2012, 11:20 am 11:20 am
Dave | September 4, 2012, 7:37 pm — Actually, Clinton left office with a deficit of $134 BILLION and a recession that bega within 3 months of Bush taking office. Quit lying.
Posted by: Commonsenseparty | September 5, 2012, 12:59 pm 12:59 pm
Way to go Mr. Barrack Hussein Obama! You are the man. The deficit tops $16 trillion. WOW ! such an accomplishment. You deserve that credit. Some of your delegates need to give you that credit when they introduce you tomorrow night.
Posted by: acdc2012 | September 5, 2012, 1:04 pm 1:04 pm