U.S. Congressman Jim Cooper (TN-05) today called on Congress to take action following the news that the nation's long-term fiscal shortfall worsened by $4.2 trillion this year. The number was released by the Treasury Department in its Financial Report of the United States, an audited accounting statement released annually.
"America's debt problems are mounting so rapidly that our costs of inaction increase by more than $11 billion every day we wait. That's $132,000 a second," Cooper said. "America's credit rating has been downgraded for the first time in our history, which is a serious embarrassment. Today's report shows our financial situation is getting worse, and Congress needs to get serious about our long-term debt and deficits."
Cooper has joined with 99 of his colleagues from both parties in support of a $4 trillion deficit reduction plan. The "Go Big" Coalition urged the so-called Super Committee to "go big" and stabilize the nation's debt by producing a $4 trillion package that put all options on the table - discretionary and mandatory spending and revenues.
"It's time to stop ignoring our problems," said Cooper. "Congress needs to start making tough choices and start paying our bills."