The National Debt

Floor Speech

THE NATIONAL DEBT -- (House of Representatives - June 26, 2007)

(Mr. COSTA asked and was given permission to address the House for 1 minute.)

Mr. COSTA. I think it's important that when we're talking about the debt, that we be up front with the facts for the American public. Yes, the war has certainly cost a great deal, but it's off budget. It's off budget, just like a host of items that are off budget, specifically designed in that way.

The largest single segment on the debt is the interest on the debt, which is 6 percent and growing rapidly. And it's true that we've acquired more debt in the last 42 years than the previous 41 Presidents than this President has accomplished in his last 6 years.

So I think it's important that we be up front with the American people when we're talking about the debt and the figures that are involved there.

Yes, we've got to turn this ship around. It won't come overnight, but it will come with the bipartisan cooperation that I think we saw took place with President Clinton's administration, and that's what we ought to be doing.

Source