Washington, D.C. - It's official. According to today's report by the U.S. Treasury, the federal debt has exploded by more than $3.9 trillion in just the past three years under Democratic control of Congress. Federal debt held by the public has increased 79 percent to a staggering $9.02 trillion leaving Americans to shoulder the burden of a federal government that is now nearly a quarter of America's economy.

"This is an American tragedy," said U.S. Congressman Kevin Brady (R-Texas), the top House Republican on the Joint Economic Committee. "While Democrats are celebrating that this year's deficit is 'only' $1.3 trillion, the American public is just sick about the overspending - and determined to elect a more responsible majority come November 2."

Massive deficits are the true legacy of President Obama and congressional Democrats to future generations, notes Brady.

"History will show these dangerous levels of deficits and debt as a crisis point in America's stability and prosperity. Reversing these deficits, shrinking the size of a bloated government and restoring an economy fueled by the free market rather than Washington is the key to America's future," said Brady.

Background

In FY 2010, federal spending was $3.455 trillion, equal to 23.6 percent of GDP. Federal spending is 4.1 percentage points above the post-World War II average of federal spending of 19.5 percent of GDP.