On the recordJuly 15, 2015
In light of the third Greek bailout announced this week, I rise with great concern over our own Nation's finances. Mr. Speaker, last month, the Congressional Budget Office released their ``2015 Long-Term Budget Outlook.'' This report paints a troubling picture; with interest rates expected to rise, an aging population, increasing healthcare costs per person, and more and more recipients of government payments and subsidies, our Nation's debt held by the public is expected to rise to 100 percent of our economy in just 25 years. Only one other time in our history, the end of World War II, has it ever been higher. Mr. Speaker, doing nothing about this coming crisis is not an option. We can avoid the very predictable fiscal mistakes that have caused so much turmoil in Europe. We need policies that spur economic growth. Just yesterday, the White House revised down their GDP growth estimates for this year from 3 percent down to 2 percent. Mr. Speaker, let's rein in our government's out-of-control spending and balance our budget, which will get our economy moving again. ____________________
