Dan Coats: “for decades Congress has enjoyed the unlimited luxury of unlimited debt. Our practices, which are pleasing for the…”

“for decades Congress has enjoyed the unlimited luxury of unlimited debt. Our practices, which are pleasing for the moment to constituencies that profit from the practice of unlimited debt, have seriously undermined the credibility of this institution with the American people. Skepticism and cynicism abound. That skepticism and cynicism-- directed toward those who have made hollow promises, unfulfilled year after year, perceived to have been made for political purposes--brought about, in my opinion, the results that we saw in the November election. The American people want Congress to be honest and to be straightforward with them, even if it brings some unpleasant truths. Now, with the passage in the House of Representatives of the balanced budget amendment by a historic 301 to 132 vote, the spotlight has turned on the Senate. As such, we, in a sense, are on trial. Our credibility is at stake. We are debating something of which the American people have become very well aware--the impact, year after year, for 25 straight years, of expenditures that exceed our revenues. It has become apparent to the American people that we are forfeiting not only our own future but, more importantly, that of future generations and their opportunity to participate in the American dream. I do not think there should be any argument about the urgency of our circumstances. Every child born in America inherits about $18,000 in public debt.”