National Debt Reaches $9 Trillion Mark

The national Libertarian Party issued a scathing criticism of the Republican Party’s fiscal performance after the Treasury Department’s announcement that the national debt had reached an all-time record of $9 trillion this week. “The fact that the national debt has risen by more than 800 percent in an era dominated by Republican presidents will be the obituary of fiscal conservatism in the Republican Party,” says William Redpath, national chairman of the Libertarian Party.

It took from George Washington to Ronald Reagan for the national debt to hit the $1 trillion mark–a period of more than 190 years.  Now, 27 years later, the national debt has risen more than 800 percent under three Republican and one Democratic presidents. However, only $1.2 trillion of national debt was accrued during President Bill Clinton’s administration, meaning the bulk of national debt comes from Republican administrations.

“It’s tragically ironic that Republicans have crucified themselves on their own cross of fiscal irresponsibility,” says Redpath. “Even Reagan, who has been deified by Republicans as the stalwart of conservatism, ran deficits and vastly expanded the size of government.”

 full release http://www.lp.org/media/article_537.shtml