Debt Day: A Reminder That Spending Won’t Turn the Economy Around

WASHINGTON, D.C.— This coming Sunday, April 26, is Debt Day— the day that the tax revenue collected by the federal government runs out and the government starts using borrowed money to pay for its programs. This means that all of the money spent by Washington the rest of this year will either be borrowed from other countries or borrowed from future generations through taxes, increasing our federal debt dramatically. This is the earliest that debt day has ever occurred.

Our economy is facing a very tough economic climate and American families and small business are making critical sacrifices. I believe that there is a role for the government to get the economy growing again and to help those who have lost their jobs. But taxing or borrowing money is not the way to help. The best way to create jobs and economic growth is to encourage the private sector to expand by making capital available.

Currently, the debt burden per person is about $35,000, and in just eight years it will be $70,000. Our children and grandchildren will be forced to bear an unprecedented burden as a result of the excessive spending. Doubling the debt is no solution. It is my hope that Democrats and Republicans can come together to bring real fiscal responsibility and do what’s right for families, for small businesses, and for our country’s future.