On the recordJuly 12, 2011
The American people expect us to stop burying our children and our grandchildren under a mountain of debt, to stop spending money we don't have, particularly when we are spending about 40 cents out of every dollar that is borrowed, much of that being borrowed from foreign sovereign governments such as China. Obviously there are times when as a country we have needed to do this, when our circumstances have required it. The reason Congress was given this power to begin with is to make sure that, particularly in a time of war, Congress had the means at its disposal to provide for our national defense and to provide for other immediate emergent needs. But this practice of what I refer to as perpetual deficit spending has become not just something we do on an emergency basis, not just something we do in a time of war or other kind of unusual circumstance; it has become something we do as a matter of course to keep things moving, to keep business as usual operating in Washington to the point where we are accumulating over $1.5 trillion a year in new debt. Our constituents in every single State expect more and they deserve better. The reason for this has everything to do with the fact that this unites people along every point along the political spectrum.…





