Mike Levin: “the outcome of today's vote on raising the debt ceiling to nearly $9 trillion is not in question, but our future…”

“the outcome of today's vote on raising the debt ceiling to nearly $9 trillion is not in question, but our future economic security will be if we do not change from our current disastrous course. We will raise the debt limit today so that the United States does not default on its obligations, but we cannot for a second think that we have solved the problem or even moved in the right direction. This will be the fourth time in 5 years that we have had to raise the amount the Government is allowed to borrow. This is a direct result of the fiscal irresponsibility of this administration. These policies have taken the Nation from 2 years of record surpluses just 6 years ago-- when we were paying down our debt--to record deficits and debt. We are passing on a crippling burden to our children and grandchildren and threatening our economic security. Since 2002, we have increased the debt limit by an astounding $3 trillion. And unless we make a significant change in our fiscal policies, there are additional increases in our future. The Congressional Budget Office forecasts that our gross Federal debt, which includes debt the Government owes to the public plus funds owed to Federal trust funds, including Social Security and Medicare, will climb from its current level of $8.3 trillion to $12.8 trillion by 2016.…”