Mr. THOMPSON of Pennsylvania. Mr. Speaker, we're hearing a lot about sequestration on the news, the American people are, and I just want to run down sequestration by the numbers.
You know, it's been 290 days since I and my Republican colleagues voted for the first of two bills to replace the President's sequestration with smarter, more responsible spending cuts that total $1 trillion over 10 years. Now, why is that needed?
Well, Mr. Speaker, the official debt today is $15.5 trillion. That's $50,000 for every man, woman and child in this country. And that's not the real debt. The real debt, when you look at what's due with every living individual today with Medicare and Social Security, that's somewhere between 71 and $72 trillion.
Economists just a week or so ago estimated that by the year 2020, interest alone, interest alone on an annual basis will be $1 trillion. Sequestration, we're looking at $85 billion out of a $3 trillion budget.
I'm going to call on the Senate Democrats and President Obama for smarter, more bipartisan ways to replace the Obama sequester and to address making sure we don't leave a legacy of debt for our children, grandchildren, and all future generations.