The current national debt is nearly $14.3 trillion--and growing. The net interest paid on the debt is projected to be $225 billion this year and $792 billion in 2021. The United States borrows 40 cents on every dollar spent. Currently, foreign investors such as China own 47% of the United States' public debt.
Today, the U.S. House of Representatives passed H.R. 2560, the Cut, Cap, and Balance Act of 2011. This bill if passed by the Senate and signed by the President, will cut spending by $111 billion in FY2012, cap future spending to 20 percent of the GDP, and require the passage of a Balanced Budget Amendment to the Constitution before raising the debt ceiling.
"This is a once in a lifetime opportunity to ensure that the government operates within its means. It also preserves benefits for the military, and recipients of Social Security and Medicare. We need to control runaway government spending and keep our promises to our military members and seniors," said Farenthold.
"The Balanced Budget Amendment is the "holy grail' of cutting runaway government spending. An Amendment to the Constitution will ensure that our grandchildren do not have to deal with the mistakes that have already been made by spending taxpayer dollars recklessly."