Congressman Larry Bucshon (IN-08) released the following statement following the U.S. Treasury's announcement of the national debt exceeding $16 trillion on August 31, 2012.
Congressman Bucshon (IN-08) states:
"With four years of trillion dollar deficits, all under President Obama, it is a sobering day when the national debt tops $16 trillion. It is irresponsible and unacceptable for the national debt to have increased more than $5 trillion in less than four years and it shows a severe lack of leadership by this current Administration.
"This is further evidence that the President's economic policies have failed and will continue to saddle future generations with more debt and fewer opportunities. Hardworking families have to balance their own budgets in order to make ends meet and I believe the federal government should do the same."
Since President Obama took office on January 20, 2009, the national debt has increased $5.39 trillion, an increase of more than 50 percent. (U.S. Treasury website, accessed 9-4-12)
The Federal Budget Deficit over the past four years has been:
$1.413 trillion in FY 2009
$1.294 trillion in FY 2010
$1.299 trillion in FY 2011
$1.211 trillion in FY 2012 (projected)
The current debt equals about $136,260 per household.
Congressman Bucshon has voted more than 200 times to cut more than $4.14 trillion in spending.
Congressman Bucshon voted for a Balanced Budget Amendment on November 18, 2011.
Congressman Bucshon voted for H.R. 2560, the Cut, Cap, and Balance Act on July 19, 2011. The legislation would have cut current spending, capped future spending as a percentage of GDP, and required a balanced budget amendment.
On February 23, 2009, President Barack Obama stated, "Today I am pledging to cut the deficit we inherited in half by the end of my first term in office." during a press conference following a Fiscal Responsibility Summit. The statement can be viewed here.
In 2008, then Senator Barack Obama claimed adding $4 trillion to the national debt during the Bush administration as "unpatriotic."