The gross debt of the United States has reached $16 trillion, the Treasury Department announced Tuesday on the first day of the 2012 Democratic National Convention.
The Daily Treasury Statement puts the debt at $16.016 trillion, a new record.
Republicans pounced on the new $16 trillion figure to make the case for electing Mitt Romney to the White House. They point out that the gross debt has risen $5.4 trillion since President Obama took office.
“Today’s news is another sad reminder of President Obama’s broken promise to cut the deficit in half. Instead of working in a bipartisan way to fulfill his promise, the president went on a ‘stimulus’-fueled spending binge that stuck every American man, woman, and child with a $50,000 share of this $16 trillion national debt,” House Speaker John BoehnerJohn BoehnerNunes rebuffs calls for recusal Wounded Ryan faces new battle Bottom Line MORE (R-Ohio) said.
Sen. Jeff SessionsJeff SessionsDem rep: Sanctuary cities are actually ‘Fourth Amendment cities’ Intel Dem: 'What's the holdup' on Yates testimony? Police union warns of Trump's sanctuary city plan MORE (R-Ala.), the ranking member of the Senate Budget Committee, said the the failure of Democrats to address the growing debt shows they have that "no basis on which to ask to be kept in their majority."
"The nation is in desperate need of strong executive leadership to end the financial chaos, restore discipline to government, and lead us to an economic renaissance,” Sessions said in a statement.
He noted that Democrats have not passed a budget resolution for the last three years. While Obama has proposed a budget, Sessions argues that it does not do enough to address the problem.
“Today, the United States passed a new unfortunate threshold which should be a call to action for Washington to finally address the potentially debilitating challenges posed by our unsustainable deficits and debt, which is now over 100 percent of our nation’s gross domestic product,” said Sen. Bob CorkerBob CorkerSenate braces for fallout over Supreme Court fight Senate takes up NATO membership for Montenegro GOP lawmaker: Time to work with Dems on healthcare MORE (R-Tenn.).
The House has for two years passed a budget that would deeply cut spending without raising taxes. Obama has argued that this budget, authored by GOP vice presidential nominee Rep. Paul RyanPaul RyanTrump's approval takes hit after failed GOP healthcare plan How the GOP’s ‘Access to Care’ bill cuts down states’ rights Tax reform an important part of pro-consumer energy policy MORE (R-Wis.), would decimate the social safety net and investments in infrastructure.
Democrats also counter that a decade ago, America was running budget surpluses and was on the way to pay down the debt. They blame President George W. Bush for cutting taxes on the wealthy, for launching the war in Iraq without paying for it and for enacting Medicare drug coverage without paying for it.