The ranking member of the Senate Budget Committee is not happy with the national debt, not with the direction that debt is heading. The United States Treasury reported on Tuesday that for the first time in US history the debt exceeded $16 trillion, an increase of $5.4 trillion since President Obama came to office on January 20, 2009.
"Federal debt at the end of the current fiscal year will stand at $16.2 trillion—$6.2 trillion above where it was 4 years earlier," the Republican side of the Senate Budget Committee stated. "In the last 4 years, the debt increased by more than it did in the previous 17 years."
The committee is warning lawmakers and citizens that the Obama’s proposed federal budget will do nothing to decrease the debt, but rather will increase it by an additional $9 trillion by the time 2022 rolls around.
Jeff Sessions of the Senate Budget Committee remarked that:
"This is a grim landmark for the United States. The gross debt of our federal government will, for the first time, surpass $16 trillion. That’s more government debt per person than Portugal, Italy, Spain, or Greece. Yet the President seems strangely unconcerned. His budget, which received zero votes in the House or Senate, would add another $66,000 in debt for every American household. And the President’s majority in the Senate, which is required by law to produce a budget plan every single year, has refused to do so for more than 1,200 days.
"We are on a dramatically unsustainable path. Forty cents of every dollar we spend is borrowed. Systemic factors, such as our aging population, make this the most serious financial challenge our nation has ever faced. This year will mark the fourth straight deficit in excess of a trillion dollars. In the last 3 months, more people have been permanently been added to the disability rolls than have found jobs. The IRS is mailing billions of dollars in tax credits to illegal aliens, and the USDA is partnering with Mexico to boost enrollment in food stamps. Washington is disconnected from reality.
"But this crisis cannot be ducked. By failing to outline any serious plan for the financial future of this country, Democrats who run the Senate and the White House have no basis on which to ask to be kept in their majority. The nation is in desperate need of strong executive leadership to end the financial chaos, restore discipline to government, and lead us to an economic renaissance.”