Reed Says Bold Action Needed to Avoid Future of Doubt and Debt

Citing a non-partisan Congressional Budget Office (CBO) report released late Friday, Congressman Tom Reed today warned that the United States’ debt continues to grow out of control.  “Our national debt is $15.3 trillion and the CBO report estimates that even in the best case scenario, another $6.4 trillion will need to be borrowed over the next ten years,” Reed said. “Our level of spending is simply unsustainable.”

Reed said that Congress has a responsibility to lead in reducing spending. “Washington has a spending problem, not a taxing problem,” he said. “This is the great challenge of this generation. We must take bold action to avoid a future of debt, doubt  and despair.”

The CBO report said that current tax and spending policies will result in $6.4 trillion in deficits over the next 10 years and an increase in the national debt to $18.8 trillion by the end of 2022.

“I think of our children and grandchildren inheriting almost $19 trillion in debt,” Reed commented. “We have to be honest and have the courage to act and change our concept of what government can and cannot do. Economic security for future generations depends on us.”

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