CBO DEBT WARNING SIGNALS DANGER AHEAD ABSENT REFORM--the share of the federal debt held by the general public will reach more than 70 percent of gross domestic product (GDP) by the end of 2012, according to the latest projection from the nonpartisan Congressional Budget Office. This puts the debt-GDP ratio at its highest level since the period following World War II.
ALSO ON THE TOPIC OF WORLD WAR II, THIS WEEK MARKS THE 68th ANNIVERSARY OF D-DAY. The Allied invasion of Europe was a major event and turning point in the war. Militarily, D-Day is still regarded as the largest amphibious operation in history. America will forever remember the heroism and sacrifice of those who were there, and they will continue to inspire future generations.
TURNING BACK TO THE BUDGET, CBO also reports that the national debt will reach 200 percent of GDP in the next 25 years. Even with knowledge of similar forecasts, the Democrat-controlled Senate has now failed to pass a budget in 1,133 days. And in the last two years alone, a budget hasn't even been proposed. Budgets are blueprints on spending and without one, as every family knows, doing things such as balancing the checkbook, paying down debt and saving for the future become all the more difficult.
The latest House Republican budget plan includes reforms to the major cost drivers in government--as it has in years past. The budget includes bipartisan entitlement reforms, including program-saving improvements to Medicare and Medicaid. It includes serious tax reform proposals and it cuts spending. Creating a budget means confronting these challenges head-on. And while the Senate is showing an endless appetite for attacking House proposals, including 27 bipartisan job bills passed by the House that are sitting idle in the Senate, it's evidently more advantageous to criticize than offer a competing plan of any type.
EVEN WITH THE SENATE ALMOST IN SHUTDOWN MODE, the House will continue spearheading the reforms that are needed to put the economy back and track and ensure the benefits available for today's workers and retirees are available for future generations. To stay updated on these efforts, access the Jobs Agenda tab featured on my website.
MARK YOUR CALENDAR. On June 13, at the Shiley Theatre at the University of San Diego, I will be hosting an event entitled "Defending our Defenders." This forum, which is open to anyone, will explore the impact of disproportionate national security cuts, including anticipated job loss throughout the San Diego region and the state of California, and give attendees an opportunity to provide their thoughts, concerns or personal experiences. To learn more about his event and/or RSVP, click here.
RUMOR MILL--you might have seen or heard reports that next year's defense budget cuts are forcing a choice between Marine Corps Recruit Depot San Diego and Parris Island as the single recruit training facility for the Marine Corps. These reports are not accurate, as things currently stand. Defense budget cuts will certainly force some tough decisions, but there have yet to be any cost-containment proposals from the Department of Defense, or any subsequent evaluation and approval by Congress.
CHINA'S MILITARY IS GETTING STRONGER, according to the latest annual report from the Department of Defense. China is still spending less for its defense forces than the U.S., but its security budget is growing consistently larger, helping to develop and secure new technology. And to no surprise, China is spending more than it acknowledges. Read more from the New York Times here. Another report traces an estimated one million Chinese counterfeit parts in U.S. military aircraft--an issue that Congress is addressing in the Fiscal Year 2013 National Defense Authorization Act now under consideration.