WASHINGTON — When Senator Ben Nelson first came to Washington in January 2001, the federal debt stood at $5.7 trillion; a figure which took over 200 years for our country to reach.  Yet, just ten years later, and particularly over the last three years, as Ben Nelson has rubber-stamped every major spending initiative proposed by President Obama, the federal debt has now hit the once-unfathomable mark of $15 trillion – a 163 percent increase and more than $48,000 for every American man, woman and child.

To mark the United States Treasury reaching the $15 trillion debt mark today and to highlight the massive spending by Senator Nelson and President Obama that has led to this point, the National Republican Senatorial Committee (NRSC) released a new web video – “$15,000,000,000,000…Siriously”

“As a candidate for the Senate, Ben Nelson talked about the importance of fiscal responsibility, but since coming to Washington he and his fellow Democrats have used the federal treasury like their own personal credit card,” NRSC spokesman Jahan Wilcox said today.  “As he prepares to face Nebraska voters next year, Senator Nelson will have to explain why he’s rubberstamped President Obama’s reckless spending agenda, including his failed stimulus and government health care bill, instead of focusing on creating jobs and growing our economy.”

Click Here To Watch The NRSC’s New Video

$15,000,000,000,000… Siriously

BACKGROUND…. 

THE NATIONAL DEBT HAS HIT THE $15 TRILLION MARK 

The National Debt Is Now $15.0 Trillion Dollars. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)

Since President Obama Took Office And Senate Democrats Rubberstamped His Spending Agenda, The National Debt Has Risen $4.4 Trillion, An Increase Of Over 41 Percent. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)

HOW MUCH IS $15 TRILLION?

$15 Trillion Is More Than The Value Of All The Goods And Services Produced In The United States Last Year. (“Gross Domestic Product,” Bureau Of Economic Analysis, BEA.gov, Accessed 11/3/11)

In FY2010, The Bureau Of Engraving And Printing Produced $974 Million Worth Of Currency. At That Rate, It Would Take 15,400 Years To Print $15 Trillion. (“Annual Production Figures,” Bureau Of Engraving And Printing, Accessed 11/3/11)

·         It Would Take The Average Household Over 300 Million Years To Pay Off The National Debt On Their Own.(Press Release, “Income, Poverty and Health Insurance Coverage in the United States: 2010,” US Census Bureau, 9/13/11

To Pay Off $15 Trillion In Debt, The Federal Government Would Have To Devote Every Dollar Of Revenue To Paying Off The Debt For 6.5 Years. (“Monthly Budget Review,” Congressional Budget Office, 10/7/11)

Senator Nelson Expressed Support For A Federal Balanced Budget

NELSON: “I Support A Balanced Budget And Am In Favor Of A Balanced Budget Amendment.” (Scott Wong, “Ex-Governors Want Tough-Love Budget,” Politico, 7/20/11)

NELSON: “It’s Not Easy To Do, But During Eight Years As Governor I Balanced The State Budgets Without Raising Taxes By Making Tough Choices When It Came To Spending. Now As A U.S. Senator I’m Trying To Insert That Value Into Washington Spending …” (Senator Ben Nelson, “Column: Washington Needs Nebraska Values When It Comes To Spending,” Press Release, 6/28/10)

In 2011, Nelson Voted For A Sense Of The Senate Supporting Consideration Of A Balanced Budget Amendment. “Lee, R-Utah, amendment no. 115 that would express the sense of the Senate supporting consideration of an amendment to the Constitution to require a balanced budget.” (S. 23, CQ Vote #30: Rejected 58-40: R 47-0; D 10-39; I 1-1, 3/2/11, Nelson Voted Yea)