On the recordFebruary 16, 2012
I rise today to speak about the dire finances of this great Nation and the policies and laws of this government that are only weakening our fiscal standing for future generations. A year ago, I was in a Senate Armed Services Committee meeting and then-Chairman of the Joint Chiefs of Staff ADM Mike Mullen was asked: What is the greatest threat to our Nation and our national security? I would have thought he would have said terrorism, the terrorists, al- Qaida, North Africa, could have been Iran, it could have been another rising military power, but he didn't hesitate in responding that the national debt is the greatest threat to our country. That was one of the most sobering moments I have experienced since becoming a Senator. I thought more people would hear what he said and take this situation more seriously, but things have only gotten worse since then. Our debt ceiling is at a record here, $16.4 trillion. By 2022, according to the President's newly proposed budget, we will be $25.9 trillion in debt. That means every man, woman, and child will be responsible for more than $79,000 of debt. Our children and grandchildren will be paying more in interest on that debt than we spend on education, energy, and defense--combined. Our elected leaders should be negotiating solutions but instead everyone is cooking up short-term Band-Aids that create long-term obligations that will take years for future generations to repay.…
