Unsustainable Debts

Floor Speech

Mrs. SCHMIDT. Madam Speaker, I rise yet again another day to remind ourselves that this Nation's AAA credit rating is about to be downgraded if we don't stop the spending and continue these unsustainable deficits.

We ran a $1.4 trillion deficit last year, and we are on the track to do the same this year. Yesterday, this House passed six appropriations bills in an omnibus package with an almost half-a-trillion-dollar price tag. This is 13 percent more than the spending levels of the prior year; 13 percent more, following a bloated trillion-dollar stimulus spending package.

We all want to return our Nation to economic prosperity, but we can't do it and simultaneously run our Nation into a ditch of fiscal financial irresponsibility.

My 1-year-old grandson, Michael, and his generation will never be able to afford the mountains of debt we are accumulating. Moody's Investment Service has warned us to stop it now or lose our AAA credit rating by 2013. This Congress must get the message. Get the message now. Stop the unnecessary spending.

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