The world’s eyes this week were turned to Greece as the nation, ridden with overwhelming debt, slipped into default after failing to pay a major debt payment to the International Monetary Fund. With the events in Greece this week, it is hard not to think about our own debt crisis.
Currently, the U.S. national debt stands near $18.3 trillion. To put that in context, the total size of the U.S. economy is $17.7 trillion. It is frightening to think our nation’s debt outpaces our economic activity; and, even worse, China holds 30 percent of our debt and counting. As the interest we pay on our debt continues to increase, I am concerned we may be on a similar path as Greece, which has debt close to double the size of its economy. That is why my colleagues and I are committed to sound fiscal solutions to curb America’s rising debt.
In May, the House and Senate jointly agreed to a budget resolution for the first time in six years. Our budget outlines $5.3 trillion in cuts over the next decade and would balance the budget in less than 10 years. It was the most aggressive proposal since the Budget Committee’s establishment in 1974. Following up on the promises made within that budget, the House has so far passed six funding bills in line with deficit reduction plans as we work toward fulfilling a sound, balanced budget – without tax increases.
Reducing our spending, creating a balanced budget and responsibly continuing deficit reduction are the steps to take to reduce our debt, and I believe we are getting off on the right foot. Our next move should be concerning reforms must focus on Medicare, Social Security and entitlement programs.
Overall, our actions so far this year show our solid commitment to avoid a Greece-like catastrophe for our children and grandchildren with the promise of more efforts for reform and reduction ahead. I am confident the steps we are taking to prioritize spending now will lead to greater debt reduction in the future. We can finally move away from unsound economic policies of the past and end our heavy reliance on other nations to finance our debt. We are working to strengthen the nation with a brighter, less troublesome future.
10 comments:
I think we are paying for Bush's War, (that is the unexpected expense)lets do it the way IKE did it, not by plowing up Social Security, Medicare and Food Stamps. High Taxes on the Biggest Incomes, no shelters for Trickle Down Baloney.
Thank you George W. Bush for turning a $236 billion budget surplus into a $412 billion budget deficit. The problem isn't social security, medicare and food stamps, it's the lack of fair taxation on the wealthiest.
I'm so disgusted by the Republican mantra of "entitlements" must go. Social Security is not a gift from the government. I worked over 40 years and paid into social security during that time. If the republican definition of "entitlement" holds true, all pensions for elected federal officials should be eliminated as well as their health care and all the little perks provided to them by the taxpayers. If salaries for these buffoons, including Billy, were based on performance, they wouldn't be worth minimum wage. Stop starting wars all over the world and you'd be more than able to bring about a more balanced budget.
Billy, I stand with you and you right in trying to do the right thing for America. According to Obama since he ended the wars when he took office, what did he spend an additional 9 trillion dollars on for our country? It wasn't on the military which he cut the funding! It wasn't on infrastructure! Welcome to welfare and big government!! Obama is using borrowed fund to buy votes of people who choose to take the handout and not contribute to the country. Does this sound like Greece?
I bet those welfare checks are not made out to anonymous! Billy, I stand with you. We don't want to become another Greece! Big governments! Everyone on welfare/entitlements and not contributing to the country. Sound familiar? When Obama came into office the country was 9 Trillion in debt and now it is 18 Trillion. Let's see, he came into office and "ended" those wars! Really? We are less secure now than ever before.
Are you seriously blaming Bush for ALL the debt? REALLY? As 07:38 stated,our deft has doubled with our current president. Wake up & STOP all the tired Bush blaming! We are past that & need to work on fixing the problem not blaming Bush. America needs to stop looking to the government for handouts. So many people have the mentality of "being owed" something & looking towards the government. Not a huge Long fan but I do agree with the above statement. Wake up America! Lets fix our current problems & not look at the government for another handout but maybe more of a solution. Just a thought the next time your cashing a growing smaller SS check.
When a country is put into a Recession or Depression they historically have spent money to spur a recovery.
Scrap the Cap. Strengthen Social Security & Medicare, not attack them. Social Security has not contributed one penny to our debt. Listen to Bernie Sanders on that one, and read the annual SS reports yourselves.
For those who always seem to know people fraudulently "living off the government", turn them in. I don't know anyone like that, so the responsibility is yours. And yes, then you must also have enough government workers to enforce the laws. You can't keep cutting budgets & expect more work to get done.
As for Medicare, it's a much needed blessing for the elderly; and then they still need supplemental insurance as well. Compassion & caring please.
Keep your friggin hands off the life saving plans for seniors. It isn't a ENTITLEMENT. Its something paid in all our working lives to be able to collect at the end of our working years. It isn't there to pay for bushes F***ups.
RP, you aren't really smart are you? Its the frigging interest on the debt that bush ran up thats causing the high numbers. You must be living in your parents basement to make assinine statements like yours. It would be like taking your savings ( wich I doubt you have) from you to pay for our next conflict. Want to do that??? How does your parents ( who no doubt are giving you a place to live) would feel if they took the funds they put away for years? I worked to retire from military and civilian jobs to make a living and you are calling me a TAKER. Fu*K you.
Post a Comment