U.S. government debt now exceeds the combined debt of countries in the crisis-riddled Eurozone and the United Kingdom. United States debt at the end of 2011 was at $15.1 trillion while European debt was at $12.7 trillion, according to a chart released by GOP members of the Senate Budget Committee.
The Eurozone is made up of 17 countries, including France, Germany, Greece, Italy, Spain, and other smaller nations that, among other things, use the euro as their currency. Many of the countries, such as Greece, have recently faced a severe economic crisis brought on by heavy governmental debt that required financial bailouts. The UK is not part of the Eurozone but is part of the European Union.
The Weekly Standard
notes that GOP presidential candidate Mitt Romney frequently warns that the United States should not become like Greece and added that “with charts like this, that formulation might already be out of date, considering the enormity of America's debt burden.”
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