Debt jumps $677 billion in 2015

Dec. 30, 2015, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to the national debt jumping $677 billion to $18.8 trillion 2015:

“In the 2015, the national debt increased by $677 billion, and over the past 3 years, an average of $795 billion a year totaling $2.4 trillion. In the meantime, there was only $1.8 trillion in reported deficits. The $600 billion difference appears to be off-budget liabilities such as government loan programs and the expansion of debt owed to Social Security and Medicare trust funds, which requires real money to be borrowed. This understatement on an annual basis of our unfunded liabilities masks the enormity of our debt problem with accounting gimmickry.

“It is particularly alarming that Congress and the President chose to believe the illusion of lowering deficits by moving forward with a budget cap busting omnibus spending bill that will only exacerbate the problem.

“With the upcoming presidential election bringing a sharp focus on the $18.8 trillion debt, Congress should make this a one-time mistake and restore fiscal discipline next year, rather than forcing a future president to take draconian measures to rein in their irresponsibility.”

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