Commentary

GOP Leader: Debt Interest Now More Than 'Entire Fed Budget In 1972'

By Craig Bannister | January 18, 2012 | 3:13pm EST

Today, Republican Study Committee Chairman Jim Jordan offered the following statement as the House prepared to vote its disapproval of President Obama’s decision to raise the debt limit by another $1.2 trillion:

“Interest payments on the national debt will cost more this year than the entire federal budget did in 1972, and that’s with interest rates at historic lows. We have to stop the crazy spending if we’re going to stop this crazy borrowing. Fiddling around the edges won’t get the job done. We need to cut, cap, and balance the budget.”

The Congressional Budget Office expects the federal government to spend $238 billion on interest this year. In 1972, total federal spending amounted to $230 billion.

As CNSNews.com has reported, Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34) putting him on a pace to increase the national debt by $6.2 trillion ($6,195,379,272,340.74) by the end of his term.

That $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton combined.

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