Buchanan Slams Debt Forgiveness for Egypt

Statement

By:  Vern Buchanan
Date: Sept. 5, 2012
Location: Washington, DC

U.S. Rep. Vern Buchanan today slammed a proposal by the Obama Administration to release Egypt from repaying $1 billion in debt to the United States.

"With our own national debt surpassing the $16 trillion mark this week, it is absurd to be granting debt amnesty to other nations," said Buchanan. "We need to put America first."

The Obama administration recently announced it is nearing agreement with Egypt's new government to relieve $1 billion of its $3 billion debt to the United States.

"The administration's decision to announce a foreign assistance package to Egypt within 24 hours of the debt reaching a new record high displays a disregard for the financial reality facing our nation," said Buchanan. "It defies common sense to be forgiving the debts owed to us by other nations as we face our own debt crisis. Who is forgiving our debt?"

Buchanan warned that if Washington does not get serious about restoring fiscal sanity to the halls of Congress, actions like these will only drive America further down the road to economic ruin.

"This announcement reaffirms the sad truth that Washington's addiction to spending has placed our nation on the same perilous road as Greece," said Buchanan. "Repeating the mistakes of the past defies common sense if we're ever to get our fiscal house in order. It is essential that both parties come together and put an end to the reckless pattern of borrowing and spending that jeopardizes our nation."