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Spending-Driven Debt Crisis

Floor Speech

Date: July 26, 2011
Location: Washington, DC
Issues: National Security Government Budget and Spending

Ms. FOXX. Mr. Speaker, our record debt of $14.3 trillion is growing, and it poses a direct threat to our national security, our economy, and our children's future. The American people deserve real leadership right now, not politics as usual.

The President's bipartisan deficit commission called the House-passed Path to Prosperity a ``serious, honest, straightforward approach to addressing our Nation's enormous fiscal challenges.'' On the contrary, the Democratic cochair of the commission, Erskine Bowles, recently criticized the President's fiscal plan, introduced on April 13, by stating that ``When you compare it to the Ryan plan and to the commission's plan, it really doesn't stabilize the debt. The debt, as a percentage of GDP, gets up to around 77 percent, and it never gets to primary balance.''

If President Obama and the Democrat leaders of the Senate wish to take solving our spending-driven debt crisis seriously, the solution is simple: Washington must stop spending money it doesn't have.


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