Rep. Ed Royce (R-CA), a senior member of the House Financial Services Committee, issued the following statement regarding today's announcement from the U.S. Treasury Department that the national debt surpassed $16 trillion:
"Today, our national debt surpassed an alarming $16 trillion, the highest in U.S. history. Under the President's leadership, budget deficits have exceeded $1 trillion for four straight years and over $5 trillion has been added to the nation's debt.
"This amount of debt is unsustainable and it threatens job creation and economic growth in this country. It's simple; we need to stop spending money we don't have. Unfortunately, the President continues to recycle failed policies -- spend more, tax more and borrow more."