"We don't have an immediate crisis in terms of debt" said President Obama and agreed by House Majority leader Boehner
Did you know?
- We have not paid any amount of principal towards the national debt since 1950 and do not have any plan to do so.
- National Debt quadrupled from $1 trillion to $4 trillion during the President Reagan and George H W Bush tenure.
- President Obama is expected to double the national debt from $10 trillion in 2009 to over $21 trillion by 2020.
- Each American owes about $4,000 to the Chinese as of 2011.
- We will be paying $5 trillion just in interest payment over the next decade.
- One-in-five households had average student loan balances of $26,682 in 2010.