NRSC Statement On Martin Heinrich’s Latest Fiscal Legacy – A $15 Trillion Debt

WASHINGTON — When Martin Heinrich came to Washington the federal debt stood at $10.6 trillion.  Yet, three years later, as Martin Heinrich has rubber-stamped every major spending initiative proposed by President Obama, the federal debt has now hit the once-unfathomable mark of $15 trillion – a 41 percent increase and more than $48,000 for every American man, woman and child.

To mark the United States Treasury reaching the $15 trillion debt mark today and to highlight the massive spending by Congressman Heinrich and President Obama that has led to this point, the National Republican Senatorial Committee (NRSC) released a new web video – “$15,000,000,000,000…Siriously”

“As he prepares to face New Mexico voters next year, Martin Heinrich will have to explain why he’s rubberstamped President Obama’s reckless spending agenda, including his failed stimulus and government health care bill, instead of focusing on creating jobs and growing our economy” NRSC spokesman Jahan Wilcox said today. 

Click Here To Watch The NRSC’s New Video

$15,000,000,000,000… Siriously

BACKGROUND….

THE NATIONAL DEBT HAS HIT THE $15 TRILLION MARK

The National Debt Is Now $15.0 Trillion Dollars. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)

Since President Obama Took Office And Senate Democrats Rubberstamped His Spending Agenda, The National Debt Has Risen $4.4 Trillion, An Increase Of Over 41 Percent. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)

HOW MUCH IS $15 TRILLION?

$15 Trillion Is More Than The Value Of All The Goods And Services Produced In The United States Last Year. (“Gross Domestic Product,” Bureau Of Economic Analysis, BEA.gov, Accessed 11/3/11)

In FY2010, The Bureau Of Engraving And Printing Produced $974 Million Worth Of Currency. At That Rate, It Would Take 15,400 Years To Print $15 Trillion. (“Annual Production Figures,” Bureau Of Engraving And Printing, Accessed 11/3/11)

·         It Would Take The Average Household Over 300 Million Years To Pay Off The National Debt On Their Own.(Press Release, “Income, Poverty and Health Insurance Coverage in the United States: 2010,” US Census Bureau, 9/13/11)

To Pay Off $15 Trillion In Debt, The Federal Government Would Have To Devote Every Dollar Of Revenue To Paying Off The Debt For 6.5 Years. (“Monthly Budget Review,” Congressional Budget Office, 10/7/11)