WASHINGTON — When Bill Nelson came to the U.S. Senate 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 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 Bill 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 in 2000 and 2006, Bill Nelson talked about the importance of fiscal responsibility, but since coming to the Senate 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 Florida 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)

In 2000 And 2006, Senator Nelson Expressed Support For A Federal Balanced Budget

CLICK HERE TO WATCH THE VIDEO

SENATOR BILL NELSON:  “[I] Was An Early Advocate Of A Balance Budget.” (Senator Bill Nelson, Debate, 10/12/00)

CLICK HERE TO WATCH THE VIDEO

NELSON: “But What We Ought To Do Is We Ought To Have A Pay-As-You-Go Policy, That If You Want To Pay For Something, And You Want To Spend The Money For This, You’re Going To Have To Identify A Revenue Source To Pay For It. And That’s The Only Thing That’s Going To Get Us Out Of This Mess That We’re In. Instead of everybody point their fingers and saying, ‘this tax,’ and so forth. What – I would just point out – there are 22 editorial boards from major daily newspapers, all of them that have endorsed thus far, they’ve endorsed me. And over and over in these editorial endorsements, they say I am a political moderate in the mainstream, and not a big tax-and-spender.”  (November 1, 2006 debate, http://www.c-spanvideo.org/program/FloridaSenateDeba)

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