Elton Gallegly: “the greatest threat to our Nation's long- term economic well-being is the rapidly increasing Federal debt, which has…”

“the greatest threat to our Nation's long- term economic well-being is the rapidly increasing Federal debt, which has reached over $4 trillion. The interest payments on that debt now consumes nearly 15 percent of the Federal budget. If we maintain the spending status quo, the interest on the national debt will become the largest Federal expenditure in the budget where interest payments will crowd out all other Federal programs include Medicare, Social Security, and other vital programs. This is precisely why this House must vote in favor of the balanced budget amendment so we can eliminate this drain on our budget. A balanced budget amendment that will finally limit excessive Government spending is necessary to force Congress to begin to set spending priorities instead of just pushing the current debt on to future generations of Americans. As history demonstrates, statutory approaches just have not worked. The balanced budget amendment provides the necessary flexibility to deal with national emergencies. We must enact the balanced budget amendment to stop outrageous Federal spending patterns and, more importantly, to stop mortgaging our children's futures.”