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Madam Speaker, our Nation finds itself today in a financial crisis.
This year, our deficit is projected to exceed $589 billion. Last year's
deficit was $412 billion. Seventy percent of that money was borrowed from
foreigners, including China and Japan.
We are spending nearly $1 million more every 60 seconds than we are
taking in in this country. On top of that, we are spending nearly $1 billion
a day simply paying interest on the national debt, a debt that today is
$7.6 trillion and rising.
Yesterday, I joined my colleagues of the fiscally conservative Democratic
Blue Dog Coalition to announce a new 12-point budget plan that promotes
commonsense budget reforms. One of those reforms includes the support of
a constitutional amendment that would require the Federal Government to
balance its budget every year. American families strive every month to
live within a balanced budget at home. I do not think it is asking too
much to hold our government to the same standard.
Madam Speaker, I urge my colleagues on both sides of the aisle to join
me in support of this 12-point, commonsense budget plan that will place
our Nation on a path to restore fiscal discipline to our Nation's government. |
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