US National Debt Exceeds $13 Trillion
Press Release
Congressman Leonard Lance (NJ-07), one of the leading voices in Congress on debt reduction, said today the national debt has reached an ignominious milestone -- it now exceeds $13 trillion. Lance said now more than ever congressional leaders and President Obama must stop the runaway federal spending and work in a meaningful way to get the Nation's fiscal house in order.
"Too few Americans realize the level of debt that this country is accumulating," said Lance. "Out of control spending on ObamaCare, bank bailouts, and failed stimulus plans is costing trillions of dollars in borrowing. The spending status quo is no longer acceptable. An aggressive plan is needed to tackle the debt and put our Nation on a glide path toward fiscal restraint and reduced spending. Congress and the President cannot continue spending money that we simply do not have."
"Yet the majority party in Washington continues to push ahead with an agenda that taxes, spends and borrows -- including a spending extension bill with a price tag of nearly $200 billion in tax increases and deficit spending. We cannot continue this current unsustainable path of spending, deficits and debt."
For his part, Congressman Lance is working hard to bring fiscally responsibility to Washington:
* Lance voted against $1 trillion stimulus package. Supported alternative plan that would have created twice the jobs at half the cost.
* Lance twice voted against President Obama's $3.6 trillion budget plan.
* Lance opposed the $700 billion, 9,000-earmark omnibus spending measure.
* Lance has voted to cut billions from annual federal spending legislation.
* Lance voted against the 2009 $350 billion TARP bailout bill.
Supports using returned TARP funds for debt reduction; not new spending.
* Lance twice opposed raising the federal debt ceiling from $9.815 trillion to $13.029 trillion.
Lance added the "U.S. Debt Clock" to his congressional website in order to raise greater awareness to our nation's ever-growing national debt. Currently, the national debt stands at more than $13 trillion -- about $118,000 per taxpayer.
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