Dennis Moore: “on February 17, 2004, the national debt of the United States exceeded $7 trillion for the first time in our country's…”

“on February 17, 2004, the national debt of the United States exceeded $7 trillion for the first time in our country's history. One year later, our national debt is $7.7 trillion. In the past year, our country has added $700 billion to our national debt. The conference report for the FY06 budget resolution that is before us today would increase the statutory debt limit by $781 billion to a record $9 trillion. Mr. Speaker, enough is enough. The out-of-control rise in our national debt over the last year and the rise in our debt envisioned in this conference report are further signs of the terrible fiscal position in which we now find ourselves. In 2001, we had ten-year projected surpluses of $5.6 trillion [2002- 2011]. Now, over that same time period, we have likely ten-year deficits of $3.9 trillion. That's a $9.5 trillion reversal in our ten- year fiscal outlook. Whether intentional or otherwise, our country's current fiscal policies are depriving the federal government of future revenue at a time when we ought to be preparing for an unprecedented demographic shift that will strain Social Security and Medicare. Our current fiscal irresponsibility will eventually land squarely on the shoulders of our children and grandchildren, who will be forced to pay back the debt we are accumulating today. The ``debt tax'' that we are imposing on our children and grandchildren cannot be repealed.…”