Today, the national debt reached $16 trillion, a massive increase from the 2009 national debt of $10.6 trillion. Congressman Bob Latta (R-Bowling Green) released the following statement on this unprecedented increase to the national debt:
"Since taking office just over three and a half years ago, the massive borrowing and spending policies of President Obama have created over $5.3 trillion of new debt and have failed to put our nation on the road to economic recovery. The unemployment rate remains at or above 8 percent, which further illustrates that the out-of-control spending by this administration does not translate into job creation and growth.
After three years of record deficits and colossal spending from this administration, Americans are not better off than they were four years ago. Despite promises to cut the deficit in half, a recent budget and economic forecast from the Congressional Budget Office projects the fourth consecutive $1 trillion deficit under this administration. We can no longer ignore this serious problem facing our nation -- we need real spending reforms to promote job creation and restore economic prosperity," Congressman Latta stated.