Senator Bob Corker on Tuesday made the following statement regarding reports that the United States national debt will reach $16 trillion.
“Today, the United States passed a new unfortunate threshold which should be a call to action for Washington to finally address the potentially debilitating challenges posed by our unsustainable deficits and debt, which is now over 100 percent of our nation’s gross domestic product.
“Doing so is going to require pro-growth tax reform combined with a long-term plan to restore solvency to entitlement programs, especially Medicare and Social Security.
"A fiscal reform plan including these reforms would alleviate much of the uncertainty which has been holding back the private sector investment necessary to create jobs, grow the economy, and allow us to focus on being a great nation.”
Rep. Tom Graves, R-Ga. said, “After bailouts, buyouts, failed stimulus, cash for clunkers, and trillion dollar budget deficits, today, President Obama marked a new milestone – racking up $16 trillion in debt now on the backs of the American people. That’s more than $51,000 for every man, woman and child.
"Clearly, the President’s vision for America is one of debt and dependency, rather than opportunity and prosperity. The level of debt accumulated by the U.S. government, which is now more than 100 percent of our nation’s gross domestic product, is untenable, irresponsible, and unsustainable. Instead of spending our way into oblivion and increasing our ever-growing debt, we must begin the process to restoring our fiscal health through growing the economy.”