The Debt

Floor Speech

Mr. THOMPSON of Pennsylvania. My constituents are perplexed with Washington, Mr. Speaker. Economists have warned and the public demands Washington tighten its belt. Despite this year's $1.6 trillion deficit, the President still refuses to change course and reduce spending.

President Obama created the bipartisan National Commission on Fiscal Responsibility and Reform by executive order. The commission's mission, according to the executive order was, quote, to identify policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.

Unfortunately, the President's FY 2012 budget ignores every essential observation and proposal advanced by the commission and doubles debt held by the public by the end of his term while adding on $13 trillion in new debt.

Erskine Bowles, the Democratic chairman of the fiscal commission stated: the White House budget request goes ``nowhere near where they will have to go to resolve our fiscal nightmare.''

Mr. Speaker, my constituents and I agree. Despite the need to rein in our runaway debt, the President's budget is more of the same. It's time we take the economists and our constituents seriously and get serious on the debt. I ask my colleagues to join me in heeding their call.

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