Sad Day for Taxpayers – U.S. Debt Increases by $166 Billion in One Day
$165,931,038,264.30. That is more than the total budget deficit for fiscal year 2007. Unfortunately, that is how much the nation’s debt jumped on June 30, making that the third-largest single-day debt increase in our nation’s history. Additionally, as of June 30 our nation’s annual budget deficit topped $1 trillion in the first nine months of this fiscal year.
While some in Washington believe the best way to turn our economy around is to spend more money, in my opinion, it is the reckless spend and borrow policies that are on track to bankrupt our nation. According to the Congressional Budget Office’s most recent long-term budget outlook, if the United States stays on the same course that we are currently taking, publicly held debt will make up more than 60 percent of the Gross Domestic Product this year. Simply put, the massive debt we are currently holding is unsustainable.
Rather than continuing to spend today and borrow from tomorrow and failing to budget, these economic challenges require leaders who are willing to make tough decisions. I have spent the past 18 months working on plans to put our nation back on the right path by supporting fiscally responsible solutions and by introducing legislation to restore accountability and transparency to the federal government. I also hope you will stay involved by participating in YouCut to help change the spending culture in Washington to a savings culture. Through America Speaking Out, we are asking for your help to shape a new policy direction for our nation. It is clear that we cannot afford more days like June 30, but together, I am confident that we can start growing our economy again.
President Bypasses Congress to Appoint “Rationer-in-Chief”
I opposed the new health care law for many reasons, including concern that more than $520 billion in cuts to Medicare would lead to rationing of important health care services for our nation’s seniors. I sent a letter to President Obama in opposition to his nomination of Dr. Donald Berwick for the Center for Medicare and Medicaid Services Administrator because Dr. Berwick has a history of supporting government rationing of medical services. In June 2009, he said, “The decision is not whether or not we will ration care – the decision is whether we will ration with our eyes open.”
I was appalled late Tuesday night to learn that President Obama decided to bypass getting Senate approval of this nomination and use a so-called “recess appointment” to install Dr. Berwick. As CMS Administrator, he will have significant authority over the new health care law, and at the very least, the Senate should have held a hearing on his nomination. I am extremely disappointed that President Obama and the majority in Washington continue to shut the American people out of critical issues.
Coming Up in Congress
Despite there not being a congressional budget this year, when Congress returns to Washington next week and over the next few weeks, the House will likely begin considering legislation to appropriate funding levels for the federal government. As appropriations bills come to the floor, I will carefully scrutinize them to look for wasteful and unnecessary spending that could be cut.
With nearly 10 percent unemployment, I hope Congress will consider legislation to put folks back to work without spending another $1 trillion and putting us further into debt. In my opinion, a good way to do that would be for President Obama to send the pending free trade agreements with South Korea, Panama and Colombia to Congress for passage. The President has renewed his pledge to double exports over the next five years, and those three trade agreements will play a critical part in accomplishing that goal. I will continue doing all I can to support responsible solutions to turn our economy around without further increasing our nation’s debt or the size, cost and scope of the federal government.
Friday, July 9, 2010
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