Congressman David Schweikert is an Arizona Republican.
While the debt-ceiling battle continues to rage in Washington, closed-door meetings and last-minute deadlines have become thehallmark of the debate. Congress is staring down an Aug. 2 deadline that would mark the first time the U.S. would not make good on its promise to pay the bills.
Since 1940, Congress has increased the debt ceiling 95 times. The last 10 times the U.S. borrowing limit has been raised, the average increase was $799 billion. It is clear this is an unsustainable pattern.
However, instead of continuing to increase our borrowing level, which we fail to pay back, we have the opportunity to pass systemic changes once and for all to make this the last debt-ceiling debate America will ever have.
By the end of this year, our national debt will overtake the size of the entire U.S. economy for the first time in history, according to the Congressional Budget Office (CBO).
In less than two years, President Obama has added more than $3.7 trillion to our national debt. It previously took the U.S. from the birth of our nation until 1992 to accumulate this much debt. In fact, under Mr. Obama’s proposed 2012 budget, our debt would increase to a record $25.7 trillion by 2021. Not only did Mr. Obama’s proposed budget fail to address entitlement reform, it was so fiscally irresponsible that it received zero votes in the Senate. This is not a serious approach, nor is it leadership.
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