GOP Weekly Address: Obama Has Added $6 Trillion in Debt in One Term …(That’s 1/3 of Total US Debt Folks)

U.S. Senator John Thune (R-SD) delivered the Weekly Republican Address this morning.
We’ve added $6 Trillion in debt during just one Obama term.
(That’s one-third of the total US debt, folks.)

This week Senate Democrats announced they will draft a budget for the first time in nearly four years. In the Weekly Republican Address, U.S. Senator John Thune (R-SD), Chairman of the Republican Conference, says the budget debate is the perfect time to address Washington’s spending addiction. Getting spending under control, he argues, is the best way to jump-start the economy and create jobs and opportunities for American families and workers.

Here’s the transcript, via Andrew Malcolm:

Hi, I’m Senator John Thune from the great state of South Dakota.

With the recently passed fiscal cliff legislation, Congress enacted tax relief for 99 percent of Americans.

Now that the tax part of the fiscal cliff issue has been dealt with, it’s time to address the real cause of Washington’s fiscal mess— out-of-control spending.

Washington is addicted to spending your money.

Over the past four years, our country has added nearly $6 trillion to the national debt. At $16.4 trillion, our nation’s total debt is now larger than our entire economy.

This means that every man, woman, and child owes a $53,000 share of this debt. That level of spending is unsustainable. We cannot afford to keep adding over a trillion dollars to the debt every year, as we have for the past four years.

A major credit rating agency has already downgraded our nation’s credit once, and, if we don’t start making some real progress on spending reforms, more downgrades are likely in the near future.

What does that mean, practically speaking?

Well if you or I as citizens had a bad credit rating, banks would charge a higher interest rate when we approached them to borrow money.

It works the same way with nations. If the United States’ credit rating is further downgraded, our country will pay higher interest rates. This will mean trillions of borrowing in order for America to pay its bills.

Needless to say, we can’t go on like this forever. Eventually, we are simply going to run out of money. And no tax increase, no matter how high, will be enough to save us.

The only way—the only way—to dig ourselves out of this hole and put our country on a sound financial footing is to get spending under control.

Reducing our spending and debt will jump-start our economy and create jobs and opportunities for American families and workers.

And the way to start is by passing a budget.

I think most American families would agree that having a budget is essential to keeping their spending under control.

And if a budget is essential when you’re running a family, it’s even more essential when you’re running an entity the size of the federal government.

Congress’ first priority every year should be coming up with a spending plan. In fact, the law requires Congress to do just that. Yet, it’s been almost four years since the Democrat-led Senate passed a formal budget.

Republicans must inform the public on Obama’s very destructive economic record. If they won’t do it, it won’t get done.
The liberal media just can’t be trusted to report the truth anymore.

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  • Pingback: GOP Weekly Address: Obama Has Added $6 Trillion in Debt in One Term …(That’s 1/3 of Total US Debt Folks) « infowarsusa()

  • JDR-Taq

    Quite On Topic:

    “Tyler Durden” @ , which should need no introduction — one of the best sites online, posted this today:

    “Via Simon Black of Sovereign Man blog”

    Early in the 4th century, Emperor Diocletian issued an infamous decree to control spiraling wages and prices in the rapidly deteriorating Roman Empire.

    As part of his edict, Diocletian commanded that any merchant or customer caught violating the new price structures would be put to death.

    This is an important lesson from history, and a trend that has been repeated numerous times. When nations are in terminal economic decline, governments will stop at nothing to keep the party going just a little bit longer.

    I thought of Diocletian’s desperation a few days ago when I read about the recent sanctions imposed on US rating agency Egan-Jones. It’s a similar story–

    For years, major rating agencies (S&P, Moody’s, and Fitch) have championed the outright fraud of our financial system by pinning pristine credit ratings on insolvent governments and their heavily inflated currencies.

    In doing so, the rating agencies are effectively claiming that the greatest debtor that has ever existed in the history of the world is nearly ‘risk-free’.

    Clearly this is a ridiculous assertion. With a debt level over 100% of GDP, the US is so broke that the government must borrow money just to pay interest on the money it’s already borrowed. They’ve lost over a trillion dollars a year since 2008, yet they still spend money on things like drones and body scanners. It’s crazy.

    As with any good scam, the government must maintain public confidence. The moment someone says ‘the Emperor has no clothes,’ that shallow, fragile confidence will come crashing down and expose the scam. Dissent must be vigorously and swiftly pursued.

    So when S&P finally downgraded the US one notch in August 2011, the SEC and Justice Department announced that S&P was under investigation, just two weeks later.

    Egan-Jones, a smaller rating agency, has been even more aggressive, downgrading the US credit rating three times in 18 months. And while the federal government may not have imposed Diocletian’s death penalty, they are just as willing to squash dissent.

    In a country that churns out thousands of pages of new regulations each week, it’s easy to find a reason to go after someone. As you read this letter, in fact, you are probably in violation of at least a dozen regulatory offenses.

    In the case of Egan-Jones, the SEC brought administrative action against the agency within two weeks of their second downgrade. And a few days ago, the case was settled.

    I’m sure you have already guessed the ending: Egan-Jones is banned from for the next 18 months from rating US government debt. They’ve effectively been silenced from telling the truth.

    The lesson here is obvious. Just as in Roman times, bankrupt nations today will stop at nothing to keep up the scam just a little bit longer.

    Given that all this is happening at a time when Congress is voting to suspend the debt ceiling entirely, these actions are the clearest sign yet of just how desperate the government has become.

    Could the warning signs be any more obvious?

  • driguana

    Someone….somewhere…please step up and lead this rudderless ship…and enough of the moral philosophizing….lead us economically and honestly!

  • Sasja

    The House controls the purse strings. They can turn off the spigot anytime.

  • Lim Lynn

    Traitor in Chief increase 6 Trillion debts. That’s a tough time debts=inflation change your country currency exchange rate. If he remove Bill of Rights to be permanent President of United States just imagine how huge the debts become.

  • Becky

    Thune can go clean his own house:

    Then there are the green-energy giveaways that are also quickly becoming entitlements. The wind production tax credit got another one-year reprieve, thanks to Mr. Obama and GOP Senators John Thune (South Dakota) and Chuck Grassley (Iowa). This freebie for the likes of the neediest at General Electric GE +1.64%and Siemens SIE.XE +0.29%—which benefit indirectly by making wind turbine gear—is now 20 years old. Cost to taxpayers: $12 billion.

  • jorgen

    Maybe Bush did it?

  • tomv

    I dont like Obama and didnt vote for him nor have I ever voted for democrat. The simply fact though is all the money that gets spent is approved by both houses of congress. Thats right the House and the Senate approve all the spending bills. So its about time the Republicans grow a spine and vote NO. They are as guilty as Obama in all the spending. Mr Weepy lost his backbone years ago and without a leader with a spine we are doomed.

  • tomv

    Forgot to add that I suspect we need federal term limits to get these people to do the right thing. They are so concerned with getting reelected and collecting their pension they refuse to offend anyone. If you dont offend or piss off somebody you arent doing your job.

  • bg


    OT.. no, not really..

    January 25, 2013

    Dick Morris: Boehner ‘No Longer Speaker of the Republican Majority’

    [“I’m very disappointed at what John Boehner is doing,” Morris, a
    former top consultant to former President Bill Clinton, tells Newsmax.
    “Boehner’s made his deals. Basically, he’s no longer the speaker of
    the Republican majority.

    “He’s, essentially, going to rubber stamp whatever [President Barack]
    Obama hands him, with some minor things to save face,” Morris said.

    uhm, no kidding.. believe many of us were telling anyone
    who would listen the samo samo for months now.. *sigh*

    January 26, 2013

    Ryan: GOP Must Not Play ‘Villain’ to Obama

    [“Unfortunately, the Democrats are unlikely to accept our proposals,”
    said Ryan, who serves as chairman of the House Budget Committee.
    “They refuse to consider real reform. But we will lay the groundwork
    for future endeavors. So when reform is possible, we will be ready.”


    “We can’t get rattled,” Ryan continued. “We won’t play the villain in his
    morality plays. We have to stay united. We have to show that — if given
    the chance — we can govern. We have better ideas.”]

    January 26, 2013

    Boehner: We Have A Deal on Immigration

    [“I said it the day after the election. I meant it, and we’re going to have to deal with it,” Boehner said in response to an audience question. “I think there’s a bipartisan group of members that have been meeting now for three or four years. Frankly, I think they basically have an agreement. I’ve not seen the agreement. I don’t know all the pitfalls in it, but it’s in my view, the right group of members.”]

    Bush had it right, but both sides presented it wrong, ergo, ‘we all lost’,
    now only Obama will win, yes, consequences of not supporting the last
    American President when we had a real chance of stemming the tide..


  • bamaman

    The Republicans are just as guilty of not passing budgets….they pass CR’s! Stop it! Let the government shutdown till a budget is passed!

  • Gary Ogletree

    The craven, corrupt GOP is just as responsible for the past two years. Reform is the last thing they want.

  • David K

    Why was the stimulus put on the regular budget? Why did the Democrats only pass one budget in four years? Simple, using continuing resolutions to pass budgets allows the previous year’s budget to be used in the current year. It also allows the feds to increase the spending by 7%. So, every year for the last four years we have had the same stimulus over and over again with the max allowable increase. That is the lie that Obama and others used constantly. They had stated that Obama and the Dems have not increased the spending in percentage wise than in other previous years. That is because they did not take into account the 2008-2009 increase. Oh well, those bastions of sane fiscal policy, the RINOs, stated debts do not really matter anyway. Forward! Compassionate conservatism! Aka statist lite.

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