"When the national debt reaches $15 trillion, it means that U.S. debt-to-GDP (gross domestic product) ratio will reach 99.7 percent of our debt and this is $47,900 for every living American." PolitiFact New Jersey rules that True.
As a congressional supercommittee tries to hammer out a deficit-reduction plan before its deadline this week, U.S. Rep. Leonard Lance took to the House floor to push for a balanced budget amendment.
Such a measure, Lance (R-7th Dist.) said, would help get our nation's fiscal house, a house with growing debt, in order.
"As of November 14, 2011, the United States’ national debt is $14.973 trillion, according to the Department of the Treasury. With pending security auctions this month, it is inevitable that the national debt will reach the unprecedented level of $15 trillion in the coming weeks," Lance said on Nov. 16. "When the national debt reaches $15 trillion, it means that U.S. debt-to-GDP (gross domestic product) ratio will reach 99.7 percent of our debt and this is $47,900 for every living American."
PolitiFact New Jersey checked out a couple of Lance's claims about the debt and ruled them True.
Read our ruling at PolitiFactNJ.com and then come back to NJ.com to join the conversation. You can also follow us on Twitter and Facebook.
More Truth-O-Meter Rulings
PolitiFact N.J.: Chris Christie says Newark public schools show 'model is broken'
PolitiFact N.J.: Rodney Frelinghuysen claims millionaires' tax harms small business owners
PolitiFact N.J.: Chris Christie blamed for lack of GOP election gains