On the recordJuly 19, 2011
It's been said before that the United States Government owes close to $14.3 trillion. An estimate by the CBO reveals that by the year 2021, the government will spend 100 percent of every dollar in revenue on entitlements. Simply raising the debt limit to $16.3 trillion without comparable spending reduction is irresponsible at best and catastrophic for our Nation at worse. Forcing our Nation's spiraling and out-of-control debt onto the backs of our country's children and grandchildren is irresponsible. Comparable spending reductions would be in the amount of at least $2 trillion. But as that does not even cover the interest on the debt, a $4 trillion spending reduction would be appropriate; and that's what we should be working on. Today we must ask ourselves, Is this blessed country of ours disciplined enough to solve the debt problem through austerity and productivity? I think we can. I believe we can. But only if we break from the tradition of spending and raising our debt limit. Instead, we must pass H.R. 2560, the Cut, Cap, and Balance Act.
