On the recordJuly 7, 2011
Today the United States Government owes close to $14.3 trillion. It's estimated by the Congressional Budget Office that by the year 2021, the government will spend 100 percent of every dollar raised in revenue on entitlements. And yet we are being asked to raise the debt limit to $16.3 trillion. That's a $2 trillion increase, or 14 percent increase. In 2010, our national GDP was $14.6 trillion. Raising the debt to $16.3 trillion means our debt ceiling will surpass our country's GDP. And yet for the 81st time since 1940, we are being asked again to raise the debt ceiling. In 2002, our debt stood at $6.2 trillion. Now, not even 10 years later, we are asked to raise it to $16.2 trillion. That's a 250 percent increase, or an average of 16.7 percent increase per year. Obviously, continuing on this path next year, it is likely we will be asked in this Chamber to raise the debt ceiling to $19 trillion. That's staggering. In keeping with this 70-year tradition, we are certain to force our Nation's spiraling and out-of-control debt onto the backs of our country's children and grandchildren. Raising the debt ceiling today without reform will merely lead to a new call, a new call to raise the debt again tomorrow. Is the United States disciplined enough to solve this debt problem through austerity and productivity? I think it is. Yet I believe we can, but only if we break this tradition of continued spending.…
