On the recordJuly 29, 2010
The Congressional Budget Office just released a report this week which shows we are on the brink of an unprecedented debt crisis in this Nation which could, in and of itself, trigger a new financial crisis because, if the credit markets become concerned that we, as a Nation, may be overstretched and unable to repay in full the unprecedented national debt that's out there owned by the public, owned by sovereign wealth funds, the credit markets will turn on us very quickly as they did in Greece, as they did in Argentina and in others nations. Moody's has even warned because of the excessive spending by this President and by this Congress, Moody's has estimated we might, as a Nation, lose our AAA bond rating by 2018, perhaps as early as 2013. Constitutional conservatives such as myself have been working hard to find ways to save money, to bring the spending levels under control to avoid crushing our children under the load of debt, the deficits. The burden that these levels of debt and deficit will impose on our kids will undoubtedly result in massive tax increases, dramatic cuts in social programs. And every chance we get, Mr. Chairman, on every bill, we want to try to do what we can to save money. And so my amendment today would cut the total spending level in this bill by 18 percent.
