Happy Debt Day America!

Press Release

Today, Rep. Todd Rokita marked the figurative Debt Day under President Obama's budget. According to the President's FY 2012 budget, federal spending in FY 2011 will total $3.819 trillion. Its deficit is projected to be $1.645 trillion, which is 43.1 percent of the year's spending, or 157.2 days worth. That means the first 208 days of the year are paid for with tax revenue and the final 157 days will be paid for with borrowed money.

"President Obama's idea of fiscal responsibility is celebrating Debt Day in July, meaning all government spending for the last five months of 2011 would be funded with borrowed money, much of it from China and other foreign creditors. The President's budget would have added over $9 trillion to the debt by 2021. It is unquestionably the most irresponsible in history,"Rokita said.

"Given a budget this fiscally irresponsible, it should be no surprise that the President now opposes any meaningful spending cuts. The House has put forward numerous plans to reduce federal spending and the President has opposed or threatened to veto each one. It is clear the President is addicted to spending money, and has no intention of making critical spending reforms," Rokita said.

As debt ceiling negotiations continue, Debt Day is a good reminder that out-of-control spending has created the current debt crisis, and only permanent and structural spending reforms can return the United States to sound fiscal footing.

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