US Government Debt Hits $16 trillion

by San Antonio Attorney

The US national debt reached a record high of $ 16 trillion on the day of the Democratic Party’s convention kick off, during which the President would accept democratic nomination for reelection.

Republicans quickly came down on the debt figure to promote Mitt Romney for presidency.

Republicans said the country’s economy is at risk, and that this is the worst broken promise of President Obama as this debt is hurting jobs these days.

Republican vice-presidential candidate Paul Ryan said it is risking prosperity at present and the future of the young ones.

A US presidential assistant said that the president will provide more details than Romney in measures on deficit cuts and will stress tax fairness.

The campaign spokesman of Republican presidential candidate said President Obama has made the situation of Americans worse, with steady unemployment and diminishing incomes. Not only is this present generation burdened by the consequences, the next generation is encumbered with massive debt due to the policies of President Obama.

Senator John Cornyn said the amount of debt today is another embarrassment in the fiscal record of the Obama administration. The Senate Democrats are refusing to approve a budget and the gross debt is obscuring the scale of the U.S. economy, which is why a change in leadership is necessary more than ever.

According to Senator Lindsey Graham, the Obama administration has incurred more than $5 trillion in debt within its first term, and will soon gather more debt than all past presidents put together. He believes the amount of federal debt will go higher.

President Obama gave an assurance to reduce the deficit by 50 percent in his first term, according to Tom Price, head of the House Republican Policy Committee. However, the deficit in the past four years has exceeded $1 trillion and a surge in the government debt of $5 trillion, the highest amount of debt accrued in a single term in history.

 

-  If you are unemployed, you can file for bankruptcy.  In fact, being unemployed is one of the most common reasons why people fall into deep debt. If you have questions about filing bankruptcy, get proper answers from a San Antonio Attorney.

 

 

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