GOP blasts president as debt reaches $15T

The national debt surpassed $15 trillion for the first time on Wednesday, according to the Treasury Department, and Republicans are seizing on the occasion to pin the blame on President Obama.

“America has crossed an unthinkable threshold: our national debt now exceeds $15 trillion dollars. That’s more than $48,000 per citizen," Republican National Committee (RNC) Chairman Reince Priebus said. “In 2009, President Obama promised to cut the deficit in half by the end of his first term. Instead, he further accelerated its growth, producing three years of record deficits."

House Majority Leader Eric Cantor (R-Va.) pointed out that $4.4 trillion in debt had been added since Obama took office.

"Our skyrocketing debt burden is not just bad luck; it is the predictable outcome of President Obama’s policies," Sen. Ron Johnson (R-Wis.) said.

While Republicans point out that Obama added $800 billion to the debt through his 2009 stimulus package, Democrats say the best way to solve the budget problem is to let the Bush-era tax rates expire. They also note that Obama inherited a recession when he came into office and that the recession lowered incoming tax revenue.

More in Finance

White House blasts GOP estate tax vote

Read more »