Spending Cuts and Debt
According to Census Bureau data, median family income fell by 4.2 percent from 2007 to 2011 while the federal government’s budget grew by 36 percent. Children born this year will incur a “birth tax” of $45,362 - their share of the national debt.
On February 14th, President Obama released his 2012 budget proposal - a $3.8 trillion debt-building, spending bill. His budget shows that while the American people are serious about tackling waste and debt, President Obama isn’t. The United States pays $539 million in interest payments on the debt every single day. For comparison, that is enough to buy nearly 1,000 Mine Resistant Ambush Protected (MRAP's) Vehicles every day – vehicles that give our troops greater safety from IEDs.
This crisis was decades in the making and we cannot bring it under control overnight. Our national debt is now $16 trillion and growing.
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