House Dems & President Obama Start the Fiscal Year With a Gift to Americans: A $16 Trillion Debt

October 2, 2012

FYI, a similar version of the release below went to the following districts: Shelley Adler (NJ-03), George Badey (PA-07), John Barrow (GA-12), Ami Bera (CA-07), Tim Bishop (NY-01), Kathy Boockvar (PA-08), Leonard Boswell (IA-03), Bruce Braley (IA-01), Cheri Bustos (IL-17), Lois Capps (CA-24), Ben Chandler (KY-06), David Cicilline (RI-01), Jim Costa (CA-16), David Crooks (IN-08), John Delaney (MD-06), Val Demings (FL-10), Tammy Duckworth (IL-08), Bill Foster (IL-11), Lois Frankel (FL-22), Pete Gallego (TX-23), John Garamendi (CA-03), David Gill (IL-13), Alan Grayson (FL-09), Pam Gulleson (ND-AL), Jose Hernandez (CA-10), Brian Higgins (NY-26), Jim Himes (CT-04), Paul Hirschbiel (VA-02), Steven Horsford (NV-04), Steve Israel (NY-03), Ann Kirkpatrick (AZ-01), Larry Kissell (NC-08), Pat Kreitlow (WI-07), Ann McLane Kuster (NH-02), Rick Larsen (WA-02), David Loebsack (IA-02), Alan Lowenthal (CA-47), Nita Lowey (NY-17), Dan Maffei (NY-24), Larry Maggi (PA-18), Jim Matheson (UT-04), Carolyn McCarthy (NY-04), Gary McDowell (MI-01), Mike McIntyre (NC-07), Jerry McNerney (CA-09), Michael Michaud (ME-02), Joe Miklosi (CO-06), Brendan Mullen (IN-02), Mark Murphy (NY-11), Patrick Murphy (FL-18), Rick Nolan (MN-08), John Oceguera (NV-03), Sal Pace (CO-03), Ed Perlmutter (CO-07), Scott Peters (CA-52), Nick Rahall (WV-03), Hayden Rogers (NC-11), Raul Ruiz (CA-36), Brad Schneider (IL-10), Brandon Shaffer (CO-04), Carol Shea-Porter (NH-01), Kyrsten Sinema (AZ-09), Louise Slaughter (NY-25), Gene Stilp (PA-11), Betty Sutton (OH-16), Syed Taj (MI-11), Mark Takano (CA-41), John Tierney (MA-06), Paul Tonko (NY-20), Manan Trivedi (PA-06), Niki Tsongas (MA-03), Christie Vilsack (IA-04), Jamie Wall (WI-08), Tim Walz (MN-01), Charlie Wilson (OH-06)

Lois Capps & President Obama Start the Fiscal Year With a Gift to Americans: A $16 Trillion Debt

As the New Fiscal Year Starts, Will Capps’ Spending Addiction Continue to Spiral the Debt Out of Control?

WASHINGTON — President Obama said at his inaugural speech that he would cut the deficit in half by the end of his first term. The deficit was at $1.3 trillion then and after Lois Capps helped pass reckless spending packages like the nearly $1 trillion stimulus, the deficit remains above $1 trillion in Obama’s fourth year — pushing the debt over $16 trillion.

“Regardless of his promise, Obama has refused to end his party’s spending sprees and Lois Capps has supported him right along,” said NRCC Communications Director Paul Lindsay. “Capps’ $833 trillion stimulus has failed to get the unemployment rate below 8.0 percent and succeeded in delaying economic recovery. California families can’t afford to fund her addiction anymore.”

Thanks to Washington Democrats, the last four years added over $5 trillion to our national debt:

“Shortly after his inauguration in January 2009, Obama pledged to cut the budget deficit, then $1.3 trillion, in half by the end of his first term.

“When fiscal 2012 ended at midnight Sunday, the outgoing 12-month yearly deficit was again $1.3 trillion — the fourth consecutive year it has exceeded $1 trillion.

“The deficits have helped push the national debt to a shade over $16 trillion, up from $10.7 trillion when Obama took office.” (Tom Raum, “Deficits to be hot topic in 1st debate,” Associated Press, 10/1/2012)

The White House promised the unemployment rate would be at about 5.6% by now with passage of their failed stimulus. (U.S. Bureau of Labor Statistics, Accessed 9/7/2012; American Enterprise Institute, 8/3/2012)

###