On the recordJuly 27, 2010
Mr. President, we have been bombarded with some pretty big numbers lately. Our total national debt recently topped $13 trillion. In 5 years, it is expected to pass $20 trillion. This fiscal year alone, the Federal Government plans to run a deficit of $1.4 trillion. In other words, we are borrowing 41 cents out of every $1 we spend. The numbers are mind blowing. We cannot even wrap our heads around the immensity of these numbers that run into the trillions. But they should be a very big red flag indicating that something--something--has gone very wrong here in Washington. The American people are struggling with high unemployment and a difficult economy, trying to make ends meet. The American Government-- their government--ought to be doing what it can to balance its own budget, not spending like drunken sailors in a way that will put the future of many American families at risk. I hear it in my State. I know most of my colleagues do. I hear it as I drive around the country. There is a palpable fear that this enormous burden of debt is going to crush us. The Federal budget for 2010 is already 24 percent higher than it was in 2008. How many families are able to increase their spending by 24 percent over a 2-year period? Congress has to realize what the American people already know: Our current rate of spending is unsustainable. There is an old saying that if the only tool you have is a hammer, you tend to see everything as a nail.…





