Senator Dan Coats (R-Ind.) issued the following statement today on news that the United States debt has reached $16 trillion:
"Today, the United States national debt exceeded $16 trillion for the first time. Although a historic moment for our nation, this is no occasion to celebrate. Instead, this sobering milestone is an indictment of Washington's failure to address the most pressing challenge facing our country.
"Our federal government's unsustainable debt is not just a fiscal crisis; it's a national security crisis as well. Overwhelming red ink jeopardizes the security of our country and makes us more vulnerable to the foreign countries providing the borrowed money used to subsidize our excessive spending. We must stop the bleeding.
"Hoosiers and Americans across the country must stand and call on all leaders in Washington to act now. Rather than do nothing and mortgage our children's future, I will continue to fight to control spending, reform entitlement programs and simplify the tax code to grow the economy, reduce our debt and prevent this great country from becoming the next Greece."