Jeb Hensarling: “Mr. Chairman, if we want to have jobs today, if we want to protect our children from bankruptcy tomorrow, we've got to…”

“Mr. Chairman, if we want to have jobs today, if we want to protect our children from bankruptcy tomorrow, we've got to quit spending money we don't have. There is a debt crisis in America, and it is spending driven, being led by the President and other friends from the other side of the aisle. It is a true crisis. The Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, has said the biggest threat we have to our national security is our debt. One of these reputable economists that the previous gentleman spoke about, Robert Samuelson, has said this spending could trigger an economic and political death spiral. Democrat Erskine Bowles, who headed up the President's Fiscal Responsibility Commission, said the 'debt is like a cancer. It's truly going to destroy the country from within.' And what do we have, Mr. Chairman? We have the President presenting a new budget that will again double the national debt in 5 years, triple it in 10, add $13 trillion worth of red ink to the Nation's debt. This is after expanding garden-variety government 84 percent in 2 years, non-defense discretionary. Mr. Chairman, you can't spend money you don't have. Massive debts lead to massive tax increases. Massive tax increases lead to no jobs. The Chairman of the Federal Reserve has said one of the best ways that we can improve jobs today is to put our Nation on a sustainable fiscal course.”