Pearce: Washington Cannot Spend Its Way out of Economic Uncertainty

Statement

Today, Congressman Steve Pearce took issue with the President's handling of our nation's debt.

"Currently, Washington is spending $3.6 trillion for every $2.3 trillion it brings in," said Pearce. "The course we are on is irresponsible and unsustainable, and it is made increasingly worse by the President's failed economic policies. Even so, the President is calling for a $1.2 trillion debt limit increase, using more hard earned tax dollars on wasteful programs and economic policies that are proven to not have worked."

"We cannot continue to allow partisanship to take the upper hand over the good of the American people, just as we cannot continue to exploit tax payers by using their hard earned money for increased government spending," Pearce continued. "The people deserve genuine solutions that will return America to economic security--not an agenda that will allow Washington to drive the nation further into debt. It is my sincere hope that the Senate will give serious consideration to the magnitude of our nation's economic future and take the same action the House did today and stop the debt limit increase."

President Obama's current intent to the raise the debt ceiling will be the third such increase since August 2011. This administration has already pushed an additional $4.6 trillion in debt on the American public. The Budget Control Act, which was signed by the President into law last August, contained deficit reduction measures and allowed a series of increases in the debt limit up to a total of $2.4 trillion. Additionally, the $1.2 trillion is projected to be spent within the next year.

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