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Public Statements

National Debt

Floor Speech

By:
Date:
Location: Washington, DC

Mr. THOMPSON of Pennsylvania. Less debt and more jobs, Mr. Speaker. This remains our priority as we begin the second session of the 112th Congress.

Our national debt recently surpassed economic output, meaning the national debt is now greater than the value of the entire U.S. economy. Despite almost $1 trillion of stimulus spending, there's been 35 straight months of national unemployment averages greater than 8 percent. These are the facts, Mr. Speaker, yet some are calling for more deficit spending and tax increases, and that's just plain wrong.

The best way to reduce our debt and deficit is to get America back to work. Over the last 12 months, this has been the focus of this Chamber. The House has passed more than 30 jobs bills, most of which the Senate has refused to consider. Next week will mark 1,000 days since the Senate has passed a budget.

Today, the House again has taken the steps to disapprove of further raising the debt ceiling. Failure to address even a budget will only serve to speed up our downward spiral. Mr. Speaker, there is no way around it: Without dealing with the debt, this country's long-term economic outlook will remain unclear.


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