Jim Renacci: “I thank the gentleman from Texas. Mr. Chairman, I rise today in strong support of H.R. 3442, the Debt Management and…”

“I thank the gentleman from Texas. Mr. Chairman, I rise today in strong support of H.R. 3442, the Debt Management and Fiscal Responsibility Act of 2015. This bill isn't about budgets. I have listened today. It is about a process, a process to keep our eye on the debt by all Members of Congress. Americans want us paying attention to our national debt. Our collective debt has now surpassed $19 trillion, which is $58,000 per American. Sadly, these numbers are only a tip of the iceberg as they don't include, as my colleague from Virginia (Mr. Brat) indicated, tens of trillions of dollars of unfunded liabilities stemming from some of our entitlement programs. To me, this is inexcusable. We need an accurate accounting of our country's financial health, and this legislation is a sorely needed first step only, a first step to start the dialogue in finding a solution to this growing problem. H.R. 3442 will require the Secretary of the Treasury to provide a report to Congress prior to the debt reaching the statutory limit. The report must include historic, current, and projected levels of debt, the drivers and composition of future debt, and how the United States will meet the debt obligations if the debt limit is raised. As someone who has spent nearly 30 years in the business world, I know the importance of leveraging debt to grow a business and, in this case, to move the government forward. I understand that sometimes we have to borrow.…”