On the recordJuly 19, 2011
I appreciate the gentleman yielding. I rise today in support of H.R. 2560. It is important for the President and Congress to reach a final agreement on the debt ceiling that helps restore fiscal responsibility in Washington, honors America's obligations, and puts our Nation back on the path to prosperity. It is clear that our economy will continue to struggle until Washington demonstrates the ability to get our spending and our debt under control. As the Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, has stated, our national debt is the biggest threat to our national security. The Cut, Cap, and Balance bill before us addresses our Nation's spending and debt challenges in a manner that stops delaying hard decisions. We immediately cut spending by over $100 billion, we cap spending in future years at less than 20 percent of GDP, and send a balanced budget amendment to the States for ratification. At $14 trillion and counting, our national debt currently is quickly approaching 100 percent of GDP. The Federal Government is borrowing 40 cents of every dollar it spends. America cannot continue on this unsustainable fiscal path. The full faith and credit of the United States Government depends on Congress acting. I urge a ``yes'' vote. {time} 1810
