U.S. National Debt Tops $16T

This is a record that no one wanted broken. The gross debt of the United States exceeded $16 trillion for the first time Tuesday, a milestone that was expected—though Democrats are likely wishing that wasn’t reached on the first day of their national convention. Republicans are seizing on the news as opportunity to criticize President Obama’s economic performance. “Today’s news is a sad reminder of President Obama’s broken promise to cut the deficit in half,” said House Speaker John Boehner. Mitt Romney’s spokesperson said “the next generation has been saddled with enormous debt because of President Obama’s policies.”