America's Debt Threatens Future

Statement

The federal government continues to spend money at an unprecedented rate. This year's budget is $3.8 trillion of which $1.6 trillion will be borrowed--that's 40 cents out of every dollar spent. In May, the national debt crossed $13 trillion and current projections show it climbing to $21.4 trillion over the next decade.

What does all this mean? This graph offers some insight. It compares the United States debt level with that of several European countries. Three of the countries listed have seen their borrowing costs increased due to concerns over their increasing debt. One actually required an infusion of cash from the European Union and International Monetary Fund and another country is close to needing a bailout as well. Currently, the U.S. actually holds a larger percentage of debt than two of those three countries.

While the graph and accompanying report from the Joint Economic Committee of which I'm a member appears bleak, there is still time to act.
I continue to push for a balanced budget amendment and am determined to see Congress follow the pay-as-you-go rules on spending we passed earlier this year, when the other side is not.

America must cut its spending and recognize that we do not have a no-limit credit card to fund everything we want. Like hard-working Idahoans, we must prioritize and say no to things that are not absolute essentials. We can stop this runaway spending, ensuring a bright future for our children and grandchildren.

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