Kevin Brady: “Let us do a quick fact check here. Eighty-eight percent of the debt that we are raising today comes from government…”

“Let us do a quick fact check here. Eighty-eight percent of the debt that we are raising today comes from government transfers, or from past debts before President Bush's administration took office. Eighty-eight percent of that. So we are paying for past decisions, including past Democratic administrations and Democratic holds of this Congress. Second point. Our deficit and our debt is way too high. I think we all agree on that. I do not know anyone here who thinks otherwise. That truly is bipartisan. Let us keep in perspective that publicly held debt today is 37 percent of the economy. It was as high as 49 percent in 1995 during President Clinton's tenure. The fact of the matter is the debt and the deficit is too high at all levels in America's history, and at some point at the end of this debate after this is all done and we get out and get through with all of our purging of our frustrations on how we got here, we are going to have to work together to balance this budget, to start paying down this debt and find some solutions.”