This Week in Washington: Debt Hits $15 Trillion, BBA & Jobs
November 18, 2011
November 18th, 2011
National Debt Hit $15 Trillion Yesterday:
$15 trillion is more than the value of all the goods and services produced in the United States last year. This is unprecedented and unacceptable, higher than any time in American history. Since President Obama took office the national debt has increased by $3.7 trillion. To put that in perspective, it took the U.S. 216 years, from 1776 until 1992, to accumulate the same amount of debt that Obama has borrowed in 2.5 years
Balanced Budget Amendment To Constitution (BBA):
The Balanced Budget Amendment to Constitution vote is this week. A BBA will force the federal government to live within its means. Fifteen years ago, the BBA passed the House with bipartisan support, only to lose by one vote in the Senate. Since then, the debt has grown by $9.2 trillion. Now we have a chance to get it right and find a meaningful solution to our nation's fiscal crisis.
What This Means For Jobs:
Getting our fiscal house in order is critical to getting our economy back on track and Americans back to work. Balancing the budget and beginning economic responsibility restores certainty and confidence in our economy. Job creators will hire when they are confident in the economy.