Romney Campaign Press Release - Not Better Off: $16 Trillion and Counting

"President Obama has left Americans worse off than when he took office, with chronic unemployment and declining incomes. But it's not just this generation that's paying the price – the next generation has been saddled with enormous debt because of President Obama's policies. As president, Mitt Romney will take immediate action to cut spending and stop passing our bills on to our children."  – Ryan Williams, Romney Campaign Spokesman

Today, The National Debt Has Surpassed $16 Trillion For The First Time In U.S. History:

Under President Obama, The National Debt Has Surpassed $16 Trillion Dollars. (Department Of The Treasury, Accessed 9/4/12)

Since President Obama Took Office, The National Debt Has Increased More Than $5.3 Trillion. (Department Of The Treasury, Accessed 9/4/12)

After Calling $4 Trillion In New Debt "Unpatriotic," President Obama Is Responsible For The Most Rapid Increase In Debt Of All Presidents:

President Obama Is Responsible For "The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News, 8/22/11)

Congressional Budget Office: "The Amount Of Federal Debt Held By The Public Has Skyrocketed In The Past Few Years, Rising From 40 Percent Of GDP At The End Of 2008 To An Estimated 73 Percent By The End Of This Year."("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)

By The End Of 2012, Federal Debt Held By The Public Will Reach 73 Percent Of GDP – Approximately Double What It Was At The End Of 2007. "Federal debt held by the public will reach 73 percent of GDP by the end of this fiscal year—the highest level since 1950 and about twice the 36 percent of GDP that it measured at the end of 2007, before the financial crisis and recent recession."("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)

FLASHBACK:Candidate Obama Claimed It Was "Unpatriotic" And "Irresponsible" To Add $4 Trillion To The National Debt. OBAMA: "The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic." (Sen. Barack Obama, Remarks, Fargo, ND, 7/3/08)

After Promising To Cut The Deficit In Half, President Obama Has Presided Over Four Straight Trillion-Dollar Deficits:

"The Federal Budget Deficit For Fiscal Year 2012 ... Will Total $1.1 Trillion ... Marking The Fourth Year In A Row With A Deficit Of More Than $1 Trillion." "The federal budget deficit for fiscal year 2012 (which ends on September 30) will total $1.1 trillion, the Congressional Budget Office (CBO) estimates, marking the fourth year in a row with a deficit of more than $1 trillion."("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022," Congressional Budget Office, 8/22/12)

President Obama's Policies Will Result In $6.4 Trillion In Deficits Over The Next Ten Years. "The Congressional Budget Office said Friday that President Barack Obama's tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO's own fiscal baseline — even after taking credit for reduced war costs." (David Rogers, "CBO: Exploding Debt Under Obama," Politico, 3/16/12)

FLASHBACK: President Obama, In 2009: "Today I'm Pledging To Cut The Deficit We Inherited In Half By The End Of My First Term In Office." OBAMA: "And that's why today I'm pledging to cut the deficit we inherited in half by the end of my first term in office.  This will not be easy.  It will require us to make difficult decisions and face challenges we've long neglected.  But I refuse to leave our children with a debt that they cannot repay -- and that means taking responsibility right now, in this administration, for getting our spending under control." (President Barack Obama, Remarks, Washington, D.C., 2/23/09)