news

The Treasury Department issued a report last Friday night indicating that the US debt would reach $13.6 trillion this year – 93.1% of Gross Domestic Product (GDP) – and exceed $19 trillion by the year 2015. This year alone federal outlays total more than $3.5 trillion with only $2.1 trillion in receipts to date.  

“America’s annual budget deficits are unsustainable,” said Congressman Bill Posey (R-Rockledge) who recently tried to offer an amendment to have the U.S. Debt Clock posted on the House Clerk’s website. “It’s like a family making $40,000 a year spending $56,000 a year, year after year after year. The longer you do it the worse it becomes and at some point, just like with Greece, you can’t dig yourself out of it.  It is long past due that we as a nation live within our means.”

“Congress continues to behave as though this dire situation does not exist and Congressional leaders have yet to offer a budget. It’s generational theft and we need a real plan to balance the budget and start paying down this debt or our children and grandchildren will be left holding the bag.”

The Treasury Department is legally obligated to issue an annual report to Congress on the status of the public debt. A copy of the report can be viewed HERE. To view the U.S. National Debt Clock, click HERE. To see how the U.S. debt compares to that of Greece and other European nations, click HERE.