Since President Obama took office the national debt has increased by $3.7 trillion. To put that in perspective, it took the U.S. 216 years, from 1776 until 1992, to accumulate the same amount of debt that Obama has borrowed in 2.5 years.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
House Republicans know that job creation is #1.
What America's leaders have to say on public debt.
Get the latest from House Republicans on the fight to balance the budget.
The only effective way to control spending is through an amendment to the Constitution.
Balancing budgets is not an untested idea. In fact, 49 states currently abide by some form of a balanced budget requirement. Spending cuts, caps, and “commitments” are always temporary – a constitutional amendment is permanent. A constitutional mandate to pass a balanced budget every year would legally force (not simply “urge” or “encourage”) Congress to only spend what it takes in. Only by permanently turning off the “leaking faucet” of federal spending can we truly stop the flood and save our children and grandchildren from drowning in a sea of debt they did not create.
If we choose to do nothing and continue on the fiscal path we’re on, in just 10 years, 95% of all federal taxes will be used to pay off our debt and fund our unsustainable entitlement programs. This will leave only 5% of our annual tax revenue for funding national defense and other essential functions of the government.
As a part of the August debt limit agreement, the House and Senate will have to vote between October 1, 2011, and December 31, 2011 on a Balanced Budget Amendment to the Constitution. To pass the House and Senate, this Constitutional amendment would require a 2/3 majority (290 representatives, 67 senators). Upon passage by the House and Senate, the Amendment would be sent to all 50 states for ratification.
A striking new perspective on the foreign ownership of US debt. Take a look »
What has your family's share of public debt looked like over the years? Take a look »