National Debt Hits Record $16 Trillion Mark

The Obama Economy Isn’t Working

Under President Obama’s watch, the national debt today hit a record $16 trillion.
  • The president promised to cut the deficit in half by the end of his first term.  However, he has now presided over four straight years of deficits over $1 trillion.
  • The president’s big-spending policies are costing jobs and economic growth and saddling future generations with crushing debt.

President Obama’s big-spending policies have added trillions to the national debt:

  • President Obama’s failed stimulus bill added nearly $1 trillion to the federal debt.
  • ObamaCare is expected to add over a half trillion to the federal debt over its first 10 years.
  • President Obama’s tax-and-spend budgets have been unanimously rejected by both sides of the aisle three separate times.
  • Senate Democrats haven’t passed a budget in almost three-and-a-half years.

The president’s policies are costing jobs and economic growth, and saddling future generations with crushing debt:

  • Total federal debt has increased by more than 50 percent since the president took office.
  • Our federal debt now exceeds the entire annual economic output of the United States. This level of debt is projected to reduce economic growth by 1 percent, which would result in one million fewer jobs according to the president’s former top economic adviser.
  • In the first half of 2012, federal debt grew twice as fast as economic growth.