Sept. 5, 2012. Congresswoman Virginia Foxx (NC – 05) made the following statement today upon hearing the announcement from the United States Treasury Department that publicly held national debt has surpassed $16 trillion:
“President Obama made a promise to cut the national deficit in half. But in fewer than four years, under his leadership and with his big-spending policies, our deficit has grown and national debt has expanded at an unprecedented rate to the historic high of $16 trillion.
“Crossing the $16 trillion threshold, as our country did today, should give each and every American pause. A powerful and prosperous nation should not be shackled by interest and debt.
“American families work hard to manage and minimize their debt, aiming ultimately for debt freedom. Choices are made to reduce spending, cost compare, work harder and longer, and forgo niceties, all because families know debt stands in the way of household thriving and peace-of-mind in retirement. But rather than work with Congressional Republicans to apply those commonsense principles, President Obama has overseen a government growth and spending binge on failures such as “Stimulus,” Obamacare, and Solyndra.
“The fact that our children and grandchildren are on the hook for this debt is a shame. And just as no parent would wish a debt-ridden future upon their children, so too do we as citizens want better for our country.”