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$15 Trillion in Debt "Unfitting of the United States of America"

Statement

Date: Nov. 16, 2011
Location: Washington, DC
Issues: Constitution Government Budget and Spending

Congressman Raúl Labrador of Idaho's First Congressional District responded to the United States surpassing $15 trillion in national debt today, saying:

"Today, the federal government-- funded by American taxpayers-- is $15 trillion in debt.

It is time for principled and responsible leadership from public servants willing to make the difficult decisions necessary to return this country to lasting prosperity. This starts with reining in government spending mandated by a Balanced Budget Amendment to the Constitution and meaningful tax reform.

Instead of working to pay down the debt of previous administrations, the Obama Administration has only exacerbated our disastrous financial state by advancing a legislative agenda that saddles future generations with more than $4 trillion in additional debt. Our children, our grandchildren and our great-grandchildren did not ask for this debt, yet they will be forced to pay for it.

Such a mantle of debt is unfitting of the United States of America, the most prosperous nation the world has ever known. I, for one, will not stand for this country's future to mimic that of our troubled friends in Europe.

It is time for principled and responsible leadership from public servants willing to make the difficult decisions necessary to return this country to lasting prosperity. This starts with reining in government spending mandated by the Balanced Budget Amendment and meaningful tax reform.

We cannot wait any longer."

By 2015, at the current rates:

* The U.S. federal government will be in nearly $24 trillion in debt.
* The federal government will maintain $143 trillion in unfunded liabilities at a cost of $1.2 million per taxpayer.
* Gross interest on debt will be nearly $530 million annually.
* More than $6 trillion of U.S. debt will be held by foreign countries.
* Nearly $200,000 will be owed by each taxpayer.
* Each American family will owe nearly $590,000.
* The gross debt to GDP ratio will be 134 percent.


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