Jay Obernolte: “I am deeply concerned that the continuing resolution we are debating this afternoon includes a suspension of the limit…”

“I am deeply concerned that the continuing resolution we are debating this afternoon includes a suspension of the limit on our national debt through the end of next year. Our national debt is already at historic levels. In fact, today our national debt represents about $85,000 for every American man, woman, and child, and it is going to get worse. The Congressional Budget Office estimates that at the rate we are going in just a few short years that debt will more than double, and just paying interest on that debt will consume 10 percent of everything our country makes. Every other time we have considered raising this debt ceiling that conversation has been accompanied by a discussion of how we are going to pay that money back. But, unfortunately, that is not occurring today. I have introduced a constitutional amendment that would require the Federal budget to be balanced, which would help us pay down this national debt over time. But absent discussion of getting our fiscal house in order, it is unconscionable to leave that legacy of debt to our children and kick the can down the road. Mr. Speaker, I must urge a ``no'' vote.”