Will debt hit $16 trillion as Romney delivers his acceptance speech?

posted at 12:01 pm on August 27, 2012 by Ed Morrissey

Later today, the Republican National Convention will unveil a potent visual reference for voters across the country.  They will erect a national debt clock that constantly updates as the federal government spends money it doesn’t have, a reminder of four straight trillion-dollar-plus deficits under Barack Obama:

Republican National Committee (RNC) Chairman Reince Priebus will introduce a “national debt clock” when he opens the GOP convention in Tampa Fla. on Monday.

The clock, which will be mounted inside the hall at the Tampa Bay Times forum will be activated at 2 p.m. EDT when the GOP meet convenes and count the growth in the nation’s debt during the convention.

“This clock reminds every delegate and every American why we are here in Tampa – because America can and must do better,” said Priebus in a statement. “Every American’s share of the national debt has increased by approximately $16,000 during the current administration.”

“Mitt Romney and Paul Ryan are the right leaders at the right time for America. They will turn this fiscal mess around, get people back to work and set our country on a strong foundation for generations to come,” he added.

The convention debt clock will begin counting at $15.9 trillion.

CNS News does a little calculating, and reports that the next milestone of $16 trillion may arrive Thursday evening — not too long before Romney takes the stage:

The federal government’s debt could hit an unprecedented $16 trillion this week while the Republican Party is holding its national convention in Tampa, Fla. …

At the close of business on Thursday, Aug. 23, according to the U.S. Treasury, the federal government’s debt stood at $15,976,519,029,144.14. That left it $23,480,970,855.86 short of the $16 trillion mark.

So far in this fiscal year (from Oct. 1 through Aug. 23), the debt has grown by an average of $3,616,398,477.40 per calendar day ($1,186,178,700,586.99 divided by 328 days). Were the debt to grow at that pace in the week following last Thursday’s close of $15.976 trillion, it would hit $16 trillion this Thursday–the day Mitt Romney is scheduled to give his speech accepting the Republican presidential nomination.

In real terms, though, this isn’t a linear progression:

However, the debt does not grow in a steady, unbroken daily pace. Instead, it expands and retracts from day to day during the business week depending on the value of the bonds the U.S. Treasury sells and redeems. On a day that the Treasury derives more revenue from selling bonds than it pays out to redeem bonds, the debt increases.

Last Wednesday, for example, the debt actually declined by almost $9.7 billion–from $15,970,134,937,605.00 to $15,960,468,522,111.20—as the Treasury redeemed bonds of greater value than it sold. However, on Thursday, the debt increased by slightly more than $16 billion, ending that day at $15,976,519,029,144.14.

For the purpose of calculation, though, the RNCC debt clock will probably use a linear formula.  According to USA Debt Clock, the current level of national debt is $15.991 trillion, leaving less than $9 billion to go in three days.  With that in mind, it’s possible that the debt clock will spin to $16 trillion early on Thursday.  If that happens, expect the GOP to catch that on video and replay it often on Thursday evening.


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Yeah, but it’s Bush’s fault.

/

Doughboy on August 27, 2012 at 12:03 PM

…FOR SURE!!!
…FORWARD!!!

KOOLAID2 on August 27, 2012 at 12:05 PM

I would like to point out that some right-wing nut just happened to write a poem about being $16 “billion” and 9 dollars in debt.

I’m just sayin’ :)

Axe on August 27, 2012 at 12:09 PM

Are any networks going to cover the convention live? I gave up cable a year or so ago…

OmahaConservative on August 27, 2012 at 12:09 PM

Later today, the Republican National Convention will unveil a potent visual reference for voters across the country.

Great! Someone’s thinking smart on this.

Paul-Cincy on August 27, 2012 at 12:11 PM

Obama: D@mn the torpedoes!!! Full Spend Ahead!!!

Steve Z on August 27, 2012 at 12:11 PM

Yet the GOP doesn’t really have a plan to pay down the debt, their plan is to slow the rate of increase.

The only way reverse the trend and pay it back is to eliminate SS, Mediscare, and Medicaid completely. We can’t afford it anymore.

Also, no more nation building. Why are we still in Afghanistan? Where is all the oil money from Iraq?

nazo311 on August 27, 2012 at 12:11 PM

Ask the nearest liberal:

How much debt is too much?

BobMbx on August 27, 2012 at 12:11 PM

Yeah, but it’s Bush’s fault.

Well Bush wasn’t exactly a fiscal conservative.

nazo311 on August 27, 2012 at 12:12 PM

if any of you people actually believe that this debt will subside, or even slow if Rombama’s elected you’re fools. Just like Obama, and Bush, Romney is going to ask for a debt ceiling increase, and the faux conservatives will vote for it, and dems will change their stance and vote against it.

One Party System

MoreLiberty on August 27, 2012 at 12:12 PM

Has anyone calculated how much of the $16 trillion resulted from waste, fraud and theft in the last 4 years?

MessesWithTexas on August 27, 2012 at 12:13 PM

Later today, the Republican National Convention will unveil a potent visual reference for voters across the country. They will erect a national debt clock that constantly updates as the federal government spends money it doesn’t have, a reminder of four straight trillion-dollar-plus deficits under Barack Obama

Yeah, as if the Republicans didn’t have anything to do with this pending disaster.

They’ve been accomplices to it all, and complicit.

I guess that the thing that I hate the most, second only to a Commie, is a Republican accessory to a Commie.

As far as I’m concerned, it’s the more equal Pigs vs. us.

OhEssYouCowboys on August 27, 2012 at 12:13 PM

Are any networks going to cover the convention live? I gave up cable a year or so ago…

OmahaConservative on August 27, 2012 at 12:09 PM

Doubt it. C-SPAN may stream it, I think.

C-SPAN is a better way to watch it anyway – raw video sans talking heads.

Red Cloud on August 27, 2012 at 12:13 PM

Not only is it Bushes fault.. look over there… Katrina!

sandee on August 27, 2012 at 12:13 PM

Are any networks going to cover the convention live? I gave up cable a year or so ago…

Maybe only to cover the expected protests in the hope for some stunning outrage to occur. Otherwise a minute or two of carefullly edited sound bites during the news should just about cover the LSM’s interest in the GOP convention.

hawkeye54 on August 27, 2012 at 12:13 PM

Red Cloud on August 27, 2012 at 12:13 PM

Yeah, and I can always get the FNC livestream thanks to canopfor’s link…

OmahaConservative on August 27, 2012 at 12:16 PM

The clock should have bells and alarms go off when it hits 16 trillion.

tommer74 on August 27, 2012 at 12:16 PM

The vast majority of our $$$ is spent on welfare and warfare. We can’t even agree to stop giving to NPR or Pakistan. We need to cute spending on entitlements and “defense.”

Why are we using our missiles to defend the EU?
Why are we guarding the borders of south/north korea?

Why does our budget automatically increase by 7% per year.

But hey…let’s keep talking about the birth certificate and abortion.

MoreLiberty on August 27, 2012 at 12:16 PM

Democrats will say republicans lie…… its actually 15.9999+….not 16 trillion.

Just like they say the unemployment rate is actually 8.524%, not 8.3.

Cavalry on August 27, 2012 at 12:17 PM

Ed,
 
Before I quote, will you confirm/deny that Uppereastside and inthemiddle were banned?

rogerb on August 27, 2012 at 12:18 PM

The clock should have bells and alarms go off when it hits 16 trillion.

tommer74 on August 27, 2012 at 12:16 PM

They’re going off now. Ain’t nobody listening.

Axe on August 27, 2012 at 12:19 PM

These guys are playing to win. Thank God.

Naturally Curly on August 27, 2012 at 12:20 PM

Where is all the oil money from Iraq?

nazo311 on August 27, 2012 at 12:11 PM

Money or oil? Last I heard John F’n Kerry screwed the deal. The oil is headed to China.

txhsmom on August 27, 2012 at 12:20 PM

turdfreeordie…UrbanDefeatist…DumbBearand other trolls will be here shortly…to tell us why THIS is a good THING!
(don’t hold the door open though) (:->)

KOOLAID2 on August 27, 2012 at 12:21 PM

“What one thing Obama has done do you want 4 more years of?”…that’s how the convention should conclude.

hillsoftx on August 27, 2012 at 12:23 PM

Before I quote, will you confirm/deny that Uppereastside and inthemiddle were banned?

rogerb on August 27, 2012 at 12:18 PM

…haven’t seen them for a couple of weeks…but please!!!…I need my fix!

KOOLAID2 on August 27, 2012 at 12:24 PM

“What one thing Obama has done do you want 4 more years of?”…

Perpetual unemployment payments, food stamps, with free health care, free home loans, free college, LGBT marriage and legal chooming to come!!!!

Yeah, I can go for that. Who wants jobs anyway.

hawkeye54 on August 27, 2012 at 12:28 PM

The only way reverse the trend and pay it back is to eliminate SS, Mediscare, and Medicaid completely. We can’t afford it anymore. Also, no more nation building. Why are we still in Afghanistan? Where is all the oil money from Iraq?

nazo311 on August 27, 2012 at 12:11 PM

Well, that just isn’t going to happen and it is useless to pretend it can. We can afford some form of social safety net and not go broke, if people are willing to make some sacrifices and politcos quit posturing to buy votes. Ryan’s plan and the Bowles-Simpson plan are both good starting points to slow things down, then long term payback schemes have to be put into place. That is what the next few elections are all about.

a capella on August 27, 2012 at 12:29 PM

Will debt hit $16 trillion as Romney delivers his acceptance speech?

16 Trillion dollars in debt, and what do we have to show for that 16 Trillion? A Marxist in the Whitehouse who turned NASA into a Muslim Self-Esteem program. That 16 Trillion would have been far better spent building a permanent colony on the moon or sending humans to explore Mars.

Rest in Peace, and may God embrace you Neil Armstrong.

SWalker on August 27, 2012 at 12:30 PM

Later today, the Republican National Convention will unveil a potent visual reference for voters across the country.

Great! Someone’s thinking smart on this.

Paul-Cincy on August 27, 2012 at 12:11 PM

I hope they put a huge screen with the debt mounting figure in the background, as speakers deliver their notes :)…

jimver on August 27, 2012 at 12:36 PM

Whadya wanna bet that the networks (except Fox) decide to cut most of their planned coverage of the convention so they cover Isaac’s arrival and damage, a convenient excuse of course? Wouldn’t doubt they show Romney’s acceptance speech Thursday on tape delay in the overnight hours.

TXUS on August 27, 2012 at 12:37 PM

Well, that just isn’t going to happen and it is useless to pretend it can. We can afford some form of social safety net and not go broke, if people are willing to make some sacrifices and politcos quit posturing to buy votes. Ryan’s plan and the Bowles-Simpson plan are both good starting points to slow things down, then long term payback schemes have to be put into place. That is what the next few elections are all about.

a capella on August 27, 2012 at 12:29 PM

It could happen. Our country got along fine before these programs and will survive again without them. Yes, it will be hard at first, but we will manage. It is better than the alternative and we simply can no longer afford it.

nazo311 on August 27, 2012 at 12:40 PM

I hope they put a huge screen with the debt mounting figure in the background, as speakers deliver their notes :)…

jimver on August 27, 2012 at 12:36 PM

I hope they suspend business on the floor and actually countdown to the $16T mark. Followed by chants for Romney/Ryan.

Happy Nomad on August 27, 2012 at 12:44 PM

I hope they suspend business on the floor and actually countdown to the $16T mark. Followed by chants for Romney/Ryan.

Happy Nomad on August 27, 2012 at 12:44 PM

Don’t you mean count up?

nazo311 on August 27, 2012 at 12:46 PM

Somebody mentioned welfare and warfare. Actually warfare only takes up a tiny percentage of our budget. The twin cancers of WELFARE and WHOREFARE (my term for an ever increasing percentage of useless and, worse , damaging and destructive (IRS agents, EPA inspectors,ICE bureaucrats)government employee leeches-not only overpaid but on the dole for medical insurance and eye-dropping “golden parachute” pension plans-not to mention virtually unlimited expense accounts and sundry other perks-all at taxpayer expense.) Actually whorefare is worse than welfare because it is expanding exponentially and, unless stopped soon, will be a nation killer.

MaiDee on August 27, 2012 at 12:47 PM

Why does our budget automatically increase by 7% per year.

But hey…let’s keep talking about the birth certificate and abortion.

MoreLiberty on August 27, 2012 at 12:16 PM

The Obama administration and the Democrats don’t want to answer the first question, so they are perfectly happy to caterwaul about those other issues. Question: Who is listening to them anymore, and why?

Upstreamer on August 27, 2012 at 12:48 PM

I can’t wait to see Democrat talking points robots calling this a “gimmick” or a “stunt”. Please do it. Preferably with Sununu on the panel.

forest on August 27, 2012 at 12:48 PM

Speaking of military spending – our entitlement-state fueled debt payments to China will fully fund their military before the decade is out.

gwelf on August 27, 2012 at 12:55 PM

It’s only money……

KMC1 on August 27, 2012 at 12:56 PM

the debt has grown by an average of $3,616,398,477.40 per calendar day

To put this in perspective, the 2010 census had the US population at 308,745,538.

And every day, the US Government borrowed $11.71 per man, woman, child, and babe-in-arms….about $82 a week; $351.40 per month. That’s not the payment or taxes or spending, that’s just the additional borrowing.

An infant born on August 23 would have assumed $51,500 of debt with its first breath, and that $11.71 per day starts with its second. That’s before getting a car, going to college, or buying a house.

cthulhu on August 27, 2012 at 12:58 PM

OT, but I was surfing for reports on the ‘massive’ protests.

Don’t think TV would cover THIS one, would they ?? Would they ???

pambi on August 27, 2012 at 1:04 PM

Ya borrow 16 tril, whaddaya get?

Another day older and deeper in debt…

J.E. Dyer on August 27, 2012 at 1:07 PM

I hope they put a huge screen with the debt mounting figure in the background, as speakers deliver their notes :)…

jimver on August 27, 2012 at 12:36 PM

I hope they suspend business on the floor and actually countdown to the $16T mark. Followed by chants for Romney/Ryan.

Happy Nomad on August 27, 2012 at 12:44 PM

That is entirely possible…And it would be both a symbolically charged as well as a
powerful moment…compare and contrast that to the muslimfest on the DNC side :)…I mean, it’s priorities, stupid! :)…

jimver on August 27, 2012 at 1:09 PM

I don’t blame this huge debt on any one president. I blame congress.

scalleywag on August 27, 2012 at 1:15 PM

Pretty hypocritical to use that when your VP pick was chosen because he has made it appear to be conservative to plan deficit spending for the next two full generations of American, working hard to enslave future generations of Americans to today’s Americans desire for luxurious lifestyles. I cannot beleive there are so many morons in the Republican party.

astonerii on August 27, 2012 at 1:23 PM

cannot beleive there are so many morons in the Republican party.

astonerii on August 27, 2012 at 1:23 PM

He typed furiously from the basement of his mother’s house, dressed in sponge bob jammies. :)

scalleywag on August 27, 2012 at 1:35 PM

Nazo – and to a much lessor extent astonerii.

You can’t cut them because the population doesn’t want you to – and to propose it means you will lose. By campaigning on the premise of better managing and securing them for the future – which means putting them on a glide path much less steep – resonates with current seniors, as well as others convinced they will be paying in for something they will never receive.

Ryan’s plan is the bare minimum, but it has survived public scrutiny. Now when you enact something like this, and the sky doesn’t fall you can begin to suggest other improvements in the future to try and turn the corner a little more. That is where we are.

And all because one political party has completely abdicated its responsibility to govern and is just buying votes. Does the national democrat party stand for anything? Anything at all besides state sanctioned money laundering?

Zomcon JEM on August 27, 2012 at 1:49 PM

Well, that just isn’t going to happen and it is useless to pretend it can. We can afford some form of social safety net and not go broke, if people are willing to make some sacrifices and politcos quit posturing to buy votes. Ryan’s plan and the Bowles-Simpson plan are both good starting points to slow things down, then long term payback schemes have to be put into place. That is what the next few elections are all about.

a capella on August 27, 2012 at 12:29 PM

As long as we continue to support it, then the debasing of our society’s morals will continue. According to Ryan, we can sock another 50 to 100 trillions dollars of burden onto future generations backs, it does not mean we should.

astonerii on August 27, 2012 at 2:03 PM

And all because one political party has completely abdicated its responsibility to govern and is just buying votes. Does the national democrat party stand for anything? Anything at all besides state sanctioned money laundering?

Zomcon JEM on August 27, 2012 at 1:49 PM

Nope, both parties. I am done supporting anyone who is going to burden the future generations with debt built on nothing more than luxuries for today. I can understand infrastructure building, I can understand defense so there is a nation for them to live in that is free. I cannot understand the vacations handed out to millions of capable of working Americans for nothing more than making it to a pre determined date.

The welfare state debasses the society fully and is in absolute support of the enemy. I will not vote for it in the Republican party.

astonerii on August 27, 2012 at 2:07 PM

All this so that completely capable of working entitled special people can enjoy a workfree multiple decades long vacation paid for on the backs of other people’s children’s future earnings.

Enjoy it now, it is free for you! The new “conservative” mantra!

astonerii on August 27, 2012 at 2:16 PM

Are any networks going to cover the convention live? I gave up cable a year or so ago…

OmahaConservative on August 27, 2012 at 12:09 PM

One hour per night on NBC/CBS/ABC (9 pm Central) Tuesday through Thursday, and zero on Fox (partly because they don’t program for that hour. Of course, NBC is giving Teh SCOAMF an additional hour next week.

PBS is due to have 3-hour coverage each night, however.

Steve Eggleston on August 27, 2012 at 2:17 PM

I’m already on the record as saying we’ll blow past $16 trillion on Wednesday (with the announcement Thursday afternoon).

Steve Eggleston on August 27, 2012 at 2:23 PM

And all because one political party has completely abdicated its responsibility to govern and is just buying votes. Does the national democrat party stand for anything? Anything at all besides state sanctioned money laundering?

Zomcon JEM on August 27, 2012 at 1:49 PM

Are you playing the class warfare game and blaming the poor for this country’s problems- even suggesting that the bottom part of society has become a pawn in a political game? Not only are the poor of this country marginalized, but their likelihood of voting is relatively low compared to suburbanites.
So even if your absurd statement were true, it would have little impact on elections- unless you’re accusing a party of buying senior votes through Medicare.

Ask the nearest liberal:

How much debt is too much?

BobMbx on August 27, 2012 at 12:11 PM

Look at the number of liberals *and* moderates opposed to Bush’s tax cuts last decade- including Greenspan and O’Neill in his own Treasury- and you realize there was broad opposition to fiscal policy that would inevitably result in massive deficits.
Ask yourself this- how many conservatives stood up to protest the mix of tax cuts and a 40% increase in fed spending during Bush’s first 6 years when their own party was in power?

bayam on August 27, 2012 at 2:28 PM

bayam on August 27, 2012 at 2:28 PM

Bush increases spending 40%: Evil economy wrecker

Obama doubles spending (over Bush’s): Lightbringer. Smartest man in the room. Saved or created eleventybillion jobs.

Is that about right?

BobMbx on August 27, 2012 at 2:38 PM

Don’t build one, just show that on the numerous screens at the venue.

Cindy Munford on August 27, 2012 at 2:40 PM

Don’t you mean count up?

nazo311 on August 27, 2012 at 12:46 PM

Probably. ;0

Happy Nomad on August 27, 2012 at 2:47 PM

Don’t build one, just show that on the numerous screens at the venue.

Cindy Munford on August 27, 2012 at 2:40 PM

And give a status update at the beginning of every speech from now until November 6th by R/R and every surrogate.

For example:

I’m happy to be here today but on a serious note America is debt to the tune of $$$$T. That’s $$$T since Obama took office and represents more debt than amassed by all Presidents up until the current administration. In 2008, President Obama claimed that GWB was unpatriotic for increasing the national debt and, yet, Mr. Obama far exceeded the amount of debt this nation owes. A big reason I am speaking today is because I cannot look in the eyes of my children and grandchildren, who will be forced to pay for this irresponsible spending, without doing something about it. I don’t know why the Democrats hate children but there is something we can do about it on November 6th….

Happy Nomad on August 27, 2012 at 2:53 PM

I caught a bit of the coverage earlier, and all I saw was a clock counting UP the amount of deficit/debt being accumulated ‘SINCE THE START OF THE CONVENTION’

Maybe I missed the other one ??

pambi on August 27, 2012 at 4:00 PM

if any of you people actually believe that this debt will subside, or even slow if Rombama’s elected you’re fools. Just like Obama, and Bush, Romney is going to ask for a debt ceiling increase, and the faux conservatives will vote for it, and dems will change their stance and vote against it.

One Party System

MoreLiberty on August 27, 2012 at 12:12 PM

You forgot the following words or phrases from your post:

Neocon
Constitution
Ron Paul is the only true conservative
Fed
dirty joos

The Notorious G.O.P on August 27, 2012 at 4:02 PM

I don’t know if it will hit 16 trillion before Romney’s convention acceptance speech or not. But I can almost guarantee that it will hit 20 trillion before any 2016 convention acceptance speeches no matter who wins November 2012.

bgibbs1000 on August 27, 2012 at 5:14 PM

I assume they’ll be ceremonially lopping off Boehner’s head on a specially built podium below the sign?

How much did you promise you’d cut, John?

The GOP had better truly understand that the Tea Party is just as pissed at them as they are at the Dems. The level of guilt is a matter of degrees–and while the selection of Ryan as veep is a gesture in that general direction, it’s hardly a promise to balance the budget. Or, you know, actually pay down the debt.

TexasDan on August 27, 2012 at 5:16 PM

It’s more impressive to cite the figure per taxpayer. I’ve seen it mentioned as high as $64,000.

Maybe we can start calling it Obamadebt.

talkingpoints on August 27, 2012 at 5:23 PM

I assume they’ll be ceremonially lopping off Boehner’s head on a specially built podium below the sign?

How much did you promise you’d cut, John?

The GOP had better truly understand that the Tea Party is just as pissed at them as they are at the Dems. The level of guilt is a matter of degrees–and while the selection of Ryan as veep is a gesture in that general direction, it’s hardly a promise to balance the budget. Or, you know, actually pay down the debt.

TexasDan on August 27, 2012 at 5:16 PM

Not to praise Boehner, but he can’t do too much if the Democrat Senate won’t even pass a budget.

talkingpoints on August 27, 2012 at 5:27 PM

Or, you know, actually pay down the debt.

TexasDan on August 27, 2012 at 5:16 PM

Stand back everyone…TexasDan is obviously under the control of a foreign substance…most likely ladies’ bath beads.

“pay down the debt”……what exactly do those words mean? What a strange way to arrange words.

BobMbx on August 27, 2012 at 5:35 PM

In case anyone’s interested, here’s the case for President Obama’s accountability for the entire growth of the national debt since 2007:

Accounting for the National Debt

ironman on August 27, 2012 at 7:22 PM

The way to pay down the debt is to get more people working at better jobs! The Republicans sure have a plan to do that! Get more people off welfare and working.
Companies are waiting to get some consistency on regulation before they start hiring etc.
Business owners & workers should never vote for obama!
If they do they are cutting their own throats!

Bambi on August 27, 2012 at 10:51 PM

What until Obama care kicks in, we ain’t seen nothing yet.
The Romney/Ryan campaign should run an ad called “Why won’t Obama run on his record?” with the debt clock running in the background.

kregg on August 28, 2012 at 7:17 AM