Washington, D.C. – The national Libertarian Party issued a scathing criticism of the Republican Party's fiscal performance after the Treasury Department's announcement that the national debt had reached an all-time record of $9 trillion this week. "The fact that the national debt has risen by more than 800 percent in an era dominated by Republican presidents will be the obituary of fiscal conservatism in the Republican Party," says William Redpath, national chairman of the Libertarian Party.

It took from George Washington to Ronald Reagan for the national debt to hit the $1 trillion mark--a period of more than 190 years. Now, 27 years later, the national debt has risen more than 800 percent under three Republican and one Democratic presidents. However, only $1.2 trillion of national debt was accrued during President Bill Clinton's administration, meaning the bulk of national debt comes from Republican administrations.

"It's tragically ironic that Republicans have crucified themselves on their own cross of fiscal irresponsibility," says Redpath. "Even Reagan, who has been deified by Republicans as the stalwart of conservatism, ran deficits and vastly expanded the size of government. When it comes down to brass tacks, Republicans of the last three decades can talk the talk, but have never walked the walk. A nine trillion dollar national debt is what happens when a political party fails to abide by its own standards of fiscal responsibility."

At the end of the fiscal year 1981, the national debt was $997 billion, according to the Treasury Department's Web site. By the time George W. Bush became president, the national debt had soared to more than $5.5 trillion. The national debt is now at $9 trillion.

"The numbers don't lie," says Shane Cory, executive director for the Libertarian Party. "Aside from a general disagreement in social philosophy and foreign policy, there is no real difference between the Republican and Democratic parties. And even those differences are waning. This is especially true when comparing the two parties' presidential frontrunners, Rudy Giuliani and Hillary Clinton. Giuliani and Clinton might as well be the same candidate."

"Americans want a choice for leaders of their country," Redpath concluded. "But they're not going to find it between Republicans and Democrats. The Libertarian Party is the only viable third party that offers a proven dedication to fiscal responsibility."