NATIONAL DEBT ALREADY EXCEEDS TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN THE UNITED STATES

WASHINGTON, JAN. 18, 2012 – “Our nation’s ever-increasing debt threatens our economic viability and undermines our national sovereignty,” said Rep. Cliff Stearns (R-Sixth).  “We are on the same path as Greece where foreign creditors are setting that nation’s fiscal policies.  In the near future, will China impose an austerity plan on the United States?  Increasing the debt limit without any reductions in spending is a giant step toward fiscal collapse.”

Stearns today voted in favor of H.J. Res. 98, a resolution to disapprove of the President’s increase of the debt limit by $1.2 trillion to $16.39 trillion.  The Budget Control Act enacted in August provided a debt limit increase of $900 billion and authorized the President to add up to a total of $2.1 trillion to the limit unless the House, Senate, and the President agree to a resolution of disapproval.  However, the President’s veto of the resolution can be overridden.

“I opposed the Budget Control Act, which would add $2.1 trillion to the debt and created the constitutionally dubious ‘Super Committee’ that failed, as unworkable,” added Stearns.  “The measure failed to address the fundamental cause of our debt crisis – unrestrained government spending.  Even its enactment did not prevent Standard and Poor’s from downgrading our credit rating for the first time ever because it did not go far enough in curbing our debt.  America’s economic future depends on ending our addiction to spending and borrowing.”