America's Crushing Burden of Debt "We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead. ... Our debt is the product of acts by many presidents and many Congresses over many years. No one person or party is responsible for it. There is no doubt the president came into office facing a severe fiscal and economic situation. Unfortunately, instead of restoring the fundamentals of economic growth, he engaged in a stimulus spending spree that not only failed to deliver on its promise to create jobs, but also plunged us even deeper into debt. The facts are clear: Since taking office, President Obama has signed into law spending increases of nearly 25 percent for domestic government agencies -- an 84 percent increase when you include the failed stimulus. All of this new government spending was sold as 'investment.' Yet after two years, the unemployment rate remains above 9 percent and government has added over $3 trillion to our debt. Then the president and his party made matters even worse, by creating a new open-ended health care entitlement. ... Our debt is out of control. What was a fiscal challenge is now a fiscal crisis. We cannot deny it; instead we must, as Americans, confront it responsibly. And that is exactly what Republicans pledge to do." --Rep. Paul Ryan (R-WI)1, chairman of the House Budget Committee, with the official GOP rebuttal to the State of the Union2

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