Hartzler: We have debt crisis because Washington spends too much, not because it taxes too little

Fourth District Congresswoman Vicky Hartzler addressed the debt situation during a Budget Town Hall in Jefferson City. From the news release:

Congresswoman Vicky Hartzler (MO-4) continues to voice concerns from citizens of the 4th Congressional District that Washington's reckless spending is hurting our economy, destroying jobs, and saddling our children and grandchildren with mountains of debt. She hosted a "Budget Town Hall" in Jefferson City, where she briefed citizens on her efforts to rein in runaway spending.

"We have a debt crisis because Washington spends too much, not because Washington taxes too little," Hartzler said. "The federal government is borrowing more than 42 cents of every dollar it spends. It is unsustainable. We’ve got to reverse course now!”

"The debt crisis threatens our national security and sovereignty," continued Hartzler. "Those concerns were voiced by General Mike Mullen, Chairman of the Joint Chiefs of Staff, when he said, 'I think the biggest threat we have to our national security is our debt.'"

"An increasing amount of our debt is owned by foreign interests, with more than 29 percent of that debt owned by China," concluded Hartzler. "With the interest we pay to China, that country can afford to buy three new Joint Strike Fighters every week - with $50 million per week left over. That’s a fact that should motivate all of us to get our fiscal house in order.”

According to U.S. Treasury Department statistics the percentage of foreign holdings has risen from 5 percent in 1970 to 19 percent in 1990 to 47 percent in 2010. 29.2 percent of that debt is held by China.