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National Debt Threatens National Security

Floor Speech

Location: Washington, DC

Mr. CRAVAACK. Mr. Speaker, I rise today in regards to our most pressing threat to our national security--our staggering and ever-increasing national debt.

The message from my constituents in Minnesota's Eighth Congressional District is loud and clear: We cannot continue to saddle the soaring debt onto the backs of our children and our grandchildren. This is irresponsible, and quite frankly unacceptable.

Mr. Speaker, this epidemic is the reason that I jumped into this fight. Our national debt will increase to over $23 trillion in the next 10 years. Currently, our debt is now over $15.2 trillion; 47 percent of that debt is foreign owned; 30 percent is owned by China.

It is past time to alter course, Mr. Speaker, or this generation will be the first generation of this great Nation to leave our children less well off.

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