Mr. THOMPSON of Pennsylvania. Mr. Speaker, I rise to address the largest threat that confronts every man, woman, child, and us collectively as a Nation: $16 trillion in national debt. This massive debt that is carried by the Nation grows larger each and every day.
Americans should be united that the overspending and reckless financial unpaid loans has created a legacy of debt for all current and future generations of Americans. Americans are united that it is right to help those most needy and vulnerable.
Sadly, the debt prevents this Nation from fully meeting those needs. The annual interest alone is crowding out our ability to fund services for those most in need. National debt annual interest is a part of mandatory spending that consumes 60 percent of our yearly expenses. This crowds out important services and creates economic harm that costs Americans jobs.
It is time to work together to end the debt and provide a secure future for all Americans. I urge my colleagues to support H.R. 325 that requires the Senate to pass a budget and allows no pay for Congress without a budget.