- Target:
- Congress; Speaker of the House and Senate Majority Leader
- Region:
- United States of America
Our children's children's children will be born in debt.
The public debt has increased by over $500 billion each year since fiscal year (FY) 2003, with increases of $1 trillion in FY2008, $1.9 trillion in FY2009, and $1.7 trillion in FY2010. As of October 22, 2011, the gross debt was $14.94 trillion, of which $10.20 trillion was held by the public and $4.74 trillion was intragovernmental holdings. The annual gross domestic product (GDP) to the end of June 2011 was $15.003 trillion (July 29, 2011 estimate), with total public debt outstanding at a ratio of 99.6% of GDP, and debt held by the public at 68% of GDP.
In the United States, there continues to be disagreement between Democrats and Republicans regarding the United States debt. On August 2, 2011, President Barack Obama signed into law the Budget Control Act of 2011, averting a possible financial default. During June 2011, the Congressional Budget Office called for "...large and rapid policy changes to put the nation on a sustainable fiscal course."
While the amount the U.S. owes topped the $15 trillion in November 2011 the Joint Select Committee on Deficit Reduction still has no agreement to stem automatic cuts to the budget.
Source: wiki
We can not continue to borrow from China and print money to further the addiction of government spending.
STOP THE SPENDING NOW!
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The Stop The Spending Now! petition to Congress; Speaker of the House and Senate Majority Leader was written by Foxwood and is in the category National Affairs at GoPetition.