Friday, May 28, 2010

SEN. Voinovich on $13T National Debt

WASHINGTON, D.C. — U.S. Senator George V. Voinovich (R-OH) today issued the following statement on the national debt surpassing $13 trillion for the first time in history:

“Just six months ago our national debt hit $12 trillion, prompting Newsweek to run a cover story titled ‘How Great Powers Fall: Steep Debt, Slow Growth, and High Spending Kill Empires – And America Could Be Next.’ This startling truth is already weakening our credit and credibility around the world, as much of our debt is money borrowed from foreign countries like China and the OPEC nations. This week our national debt hit a monumental $13 trillion, and we still have no credible plan to balance the federal budget.
“In just 16 months, the Obama Administration has increased the debt 23 percent, and gross national debt as a percent of GDP is slated to hit 94 percent this year with growing deficits as far as the eye can see. The federal government is the worst credit card abuser in the world, and we are putting everything on the tab of our children and grandchildren.
“Americans must take a stand for the future of our country. Will we continue down this destructive, unsustainable course, or will Congress take responsible action? I have been working to address this problem since I arrived to the Senate in 1999 and proposed creating a statutory debt commission to reform our tax code and entitlement systems. Unfortunately, earlier this year – after a great deal of hard work – this effort failed in the Senate, and I was very disappointed.
“As a result of the vote’s failure, President Obama moved ahead with an executive order commission, which is a start. It is imperative that the president’s fiscal commission produces a viable proposal to deal with our growing debt. We are in serious trouble, and inaction will result in America going over the cliff. Perhaps the European debt crisis will be the wake-up call Congress needs because continued inaction is morally indefensible.”