The national debt passed the $16 trillion mark on Tuesday, just as the Democratic National Convention kicks off, Fox News reported.
The Treasury Department announced Tuesday that the debt is at $16.016 trillion, a new record.
Two-thirds of the debt is owed to the U.S. government, American investors and future retirees, through the Social Security Trust Fund and pension plans for civil service workers and military personnel, Fox News reported.
China holds less than eight percent of the money our government has borrowed over the years.
“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 Boehner said in a statement, The Hill reported.
Sen. Jeff Sessions of Alabama, the ranking member of the Senate Budget Committee, said 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,” according to The Hill.
The Treasury Department announced Tuesday that the debt is at $16.016 trillion, a new record.
Two-thirds of the debt is owed to the U.S. government, American investors and future retirees, through the Social Security Trust Fund and pension plans for civil service workers and military personnel, Fox News reported.
China holds less than eight percent of the money our government has borrowed over the years.
“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 Boehner said in a statement, The Hill reported.
Sen. Jeff Sessions of Alabama, the ranking member of the Senate Budget Committee, said 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,” according to The Hill.
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