A four-year, nearly $6 trillion leap in U.S. debt brings the total U.S. deficit to $16 trillion, which has prompted German Finance Minister Wolfgang Schaeuble to highlight the global impact of November’s U.S. elections.
Speaking to the Bundestag lower house of parliament regarding the 2013 German budget, Schaeuble said the still snowballing U.S. debt is a “burden for the global economy.”
Schaeuble’s comments were aimed at Washington; President Obama has criticized Europe for playing loose with debt ceilings which hastened the European debt crisis.
"Ahead of the election in the United States there is great uncertainty about the course American politics will take in dealing the U.S. government's debts, which are much too high," Schaeuble said.
Privately, German officials often voice their concerns about U.S. debt levels and the inability of the President and Congress to produce a more conservative budget, according to a Reuters report.
The U.S. Senate, under leadership of Democrat Sen. Harry Reid, has not passed a budget in more than three years, or since about a year after Mr. Obama took office.
The Republican-controlled house did pass a budget on time earlier this year, but Mr. Obama and the Democrat-controlled Senate did not take it up.
"We need to remind ourselves of that sometimes and the global economy knows that and is burdened by it," said Schaeuble.
Meanwhile, the U.S. debt is a political battlefield in the U.S. election campaign with Republican candidate Mitt Romney claiming President Barack Obama is responsible for the biggest deficit increase in American history and the White House (Obama) slamming Republicans in Congress for blocking government efforts to get the U.S. fiscal house in order.
Mr. Obama’s administration proposed a budget earlier this year, however no Democrats or Republicans voted for it and it was defeated 99 to 0 in the Senate. As mentioned, the Democrat-controlled Senate has decided to wait until the elections are over to propose a budget and will not take up the Republican budget, effectively stopping the budget process.