Friday, November 2, 2012
White House data supports Republican presidential nominee Mitt Romney‘s warning that if President Barack Obama wins re-election, the national debt will hit $20 trillion.
America’s gross federal debt will reach $20.3 trillion at the end of 2016 under Obama’s budget path, according to the White House Office of Management and Budget. The national debt is currently $16.1 trillion.
“Nobody who looks at the numbers thinks it’s realistic for us to actually reduce our deficit in a serious way without also having some [added] revenue,” Obama said during a recent interview with the Des Moines Register.
“We’ve identified tax rates going up to the Clinton rates for income above $250,000; making some adjustments in terms of the corporate tax side that could actually bring down the corporate tax overall, but broaden the base and close some loopholes. That would be good for our economy, and it would be good for reducing our deficit.”