NEW (4/20/10): This video below from Bankrupting America highlights the out-of-control federal spending. There is a total of $106 trillion in future spending commitments that cannot be paid for. Some ways to find that money:

• Sell every house in America. 5 times. 
• Take all of the income from everyone in the U.S. 9 Times. 

The U.S. has a current debt of more than $12 trillion. Every citizen right now owes a staggering $39,350. DC is raising our debt level higher than it’s ever been!

§  On inauguration day, the national debt was $10.626 trillion. President Obama increased debt already by more than $1.5 trillion.

§  South Carolina’s debt has gone from $2.4 billion in 2003 to $8.1 billion in 2009. That’s a roughly 300 percent increase over 6 years.  

§  The $8.1 billion debt equals roughly $1,800 per South Carolina resident. The more we borrow, the more it costs to pay it back with interest.

§  The federal government pays 50 to 83 percent of Medicaid costs – to the tune of $260 billion in 2009. Current legislation will expand Medicaid enrollment. In fact, by 2019, more than $1 million South Carolinians may be enrolled in Medicaid – at the expense of taxpayers.

§  Some more figures from http://www.usdebtclock.org/

· More than $5 billion alone pays interest on the debt

· The federal budget deficit is more than $18 billion

· $3.4 trillion in U.S. debt is held by foreign countries

· The Social Security liability is more than $14 trillion