In July 2009, our country's budget deficit topped $1 trillion for the first time in our nation's history. Our nation's debt stands near $11.5 trillion -- another record for Uncle Sam. Meanwhile, unemployment numbers woefully surpassed administration estimates in June and now sit at 9.5%. And to make matters worse, at the end of May 2009, the U.S. government owed China $801.5 billion.
While the White House has been successful so far in pushing through its agenda -- cap and trade national energy tax, the government-run, the $1.1-trillion "stimulus" package, and the $400-billion pork-laden omnibus spending package -- our economic options for addressing the recession are being quickly foreclosed.
I am a cosponsor of the REBOUND Act to reduce the deficit and promote real economic recovery. This fiscally responsible measure will recall the $460 billion in unspent "stimulus" moneys while leaving intact the package's tax relief and unemployment benefits. Furthermore, instead of recycling money repaid from the Wall Street bailout into a new spending slush fund -- as the Democrats proposed, the REBOUND Act will require all Wall Street repayments to go exclusively to debt reduction.
Every responsible American family knows that you pay back your loans before you take out new ones. Unfortunately, Washington needs to be reminded. It's time Congress stop talking about tough decisions and start making them.