Tim Ryan: “And what is the end result of all of this wasteful spending? I think it is important to point out what the long-term…”

“And what is the end result of all of this wasteful spending? I think it is important to point out what the long-term effects are. When President Bush took office, our debt limit was $5.9 trillion. As you can see, and these charts are on HouseDemocrats.gov/30something, in June of 2002, it increased by half a trillion dollars. May of 2003, another debt limit increase. November of 2004, another one. March 2006, another one. The budget this year for 2007, the budget resolution will raise our debt limit to $9.62 trillion. By 2011, the debt limit under the Republicans will almost double from when President Bush took office. Now we are trying to say that we want to audit the government and save money and make sure that we invest it properly into our priorities that will lead to economic development, and it is clear that the Republican majority, which controls the House, Senate and White House, has been fiscally irresponsible not only with the way they lack enforcement, they don't audit and pay attention to where the money goes, and then they turn around and borrow it from China and Japan and OPEC and all of these other countries and run us into this huge structural debt that hurts the economy long term.”