In those four years, the national debt has ballooned to more than $16 trillion – and “every man, woman, and child owes a $53,000 share of this debt,” says Thune. He goes on to outline how “a major credit rating agency has already downgraded our nation’s credit once, and, if we don’t start making some real progress on spending reforms, more downgrades are likely in the near future.” (more on that here)
The only way to “to dig ourselves out of this hole and put our country on a sound financial footing is to get spending under control,” he says – and “the way to start is by passing a budget.”
There’s some good news on that front: House Republicans may have jolted Senate Democrats into action by passing the No Budget, No Pay Act. But it remains to be seen whether Democrats will actually adopt a budget, let alone one that makes the spending cuts and reforms needed to address our debt and grow our economy.
While we wait Senate Democrats (again), Speaker John Boehner says the House of Representatives will work to pass a budget that balances the books within 10 years.
“Reducing our spending and debt will jump-start our economy and create jobs and opportunities for American families and workers,” says Thune. Watch his full address here.