Friday, October 21, 2005

National Debt Breaks $8 Trillion; Blue Dogs Reiterate Call for Emergency Budget Summit and Immediate Budget Reform

Several months ago – in an attempt to educate members, staff, and constituents about the national debt, Blue Dog members placed national debt clock posters throughout the House complex that are updated every day.  Coalition members expressed outraged today to learn that Blue Dog debt clocks throughout the House complex reflected passage of this ominous landmark.  As of 9 a.m., the debt clocks read as follows: 

THE BLUE DOG COALITION

The National Debt Today is:

$8,000,000,000,000

Your Share of the Debt is:

$27,000

The Blue Dogs are reissuing their call to the president for an emergency bipartisan budget summit and the immediate passage of serious budget reform.  The Blue Dogs have long expressed tremendous concern over mounting U.S. debt and are particularly troubled by our growing dependence on foreign governments to finance our debt.  Earlier this year, the Coalition offered a 12 Step Plan that would cure our nation’s addiction to deficit spending that required, among other things, that all federal agencies pass clean audits, a balanced budget, and the setting aside of a rainy day fund to be used in the event of a natural disaster.

“Eight trillion dollars is a fantastic sum of money and all Americans should be worried about this news.  You know, the first rule of holes is to stop digging and it is now high time that this Congress and this Administration stop digging us deeper in debt,” stated Rep. Jim Cooper (TN-05), Blue Dog Co-Chair for Policy.  “President Bush is the first President since James Garfield in 1881 to never use his veto power.  We need for this president to bring some leadership and some discipline to the out-of-control spending going on in the Republican led Congress and the Administration.”

“The Republican leadership has created a Credit-Card Congress that is recklessly selling out the future of America, our children and our grandchildren,” exclaimed Rep. Dennis Carodza (CA-18), Blue Dog Co-Chair for Communications.  “It is time to stop the madness. It is my hope $8 trillion serves as a wake up call that will signal a new direction for Congress on the budget.  It is time to put together a real plan to cut the deficit and put our fiscal house back in order.”

On September 28, 2005, the Blue Dogs wrote President Bush urging him to call an emergency bipartisan budget summit to address the ballooning national debt.  The Blue Dog call for urgent bipartisan action has fallen on deaf ears. 

“As a 29 year millworker, I know that working families in America have to balance their budgets, and it is shameful and dangerous that the federal government can't do the same,” said Blue Dog Rep. Mike Michaud (ME-02). 

"Before the present Administration took office, the thought of an $8 trillion national debt was inconceivable. Today, it is a harsh reality,” said Blue Dog Rep. Leonard Boswell (IA-03).  “Sadly though, it is a reality the Republican Leadership of this Congress is unwilling to face. They would rather leave it to our children and grandchildren to deal with."

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