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Living in a Fiscal Fantasyland

Date: March 16, 2006
Location: Washington, DC
Issues: Government Budget and Spending


LIVING IN A FISCAL FANTASYLAND -- (House of Representatives - March 16, 2006)

Mr. HOYER. Madam Speaker, today the Senate will vote on the $781 billion increase in the national debt, the fourth debt limit increase in 5 years.

And the Republican Party continues to push tax policies that will drive us even deeper into debt. In 5 years, the Washington Republicans have racked up more new debt, more than $3 trillion, than the entire debt amassed from 1789 to 1988. We are now borrowing more than $600,000 per minute, $218 billion this year alone.

In March 2001, President Bush promised, "We will pay off $2 trillion of debt over the next decade. Future generations should not be forced pay back money that we have borrowed. We owe this kind of responsibility to our children and grandchildren."

Promises made, promises broken, a $5 trillion mistake the President made. Sadly, the administration and the Republican majority in this Congress continue to pursue their reckless, irresponsible, debt-creating policies.

How sad. How wrong. I tell the gentleman from North Carolina, it is not that we can do better, we did better.

http://thomas.loc.gov/

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