On the recordJuly 14, 2010
I rise today to discuss an incredibly important subject--our Nation's budget deficits. The deficit for fiscal year 2009 was about $1.4 trillion. The total national debt is now just under $13.2 trillion. These numbers are staggering and represent a tremendous threat to our Nation. We have been hearing a lot about these numbers over the last few months from Members on both sides of the aisle. We heard about the economic dangers of running these deficits--the dangers to us, to our children, and to the very future of this Nation. I share these concerns over the direction of our budget deficits and our rapidly growing debt. I have held these concerns for some time, as a matter of fact. In a New York Times op-ed way back in 1988--22 years ago--I expressed my alarm that we had gone from being the world's largest creditor Nation to its largest debtor Nation. I noted then that the accumulated trade and budget deficits of the Reagan years worked out to about $20,000 per American family.
