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Congressman Flake: So Just How Broke Are We?

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Location: Washington, DC

Republican Congressman Jeff Flake, who represents Arizona's Sixth District, today illustrated the size and scope of the growing national debt.

Little has yet been revealed about the opening ceremony for the 2012 Summer Olympic Games being held in London, England, but one big detail has leaked: The ceremony is going to cost about $42 million to put on.

The U.S. is so broke, that based on this year's ceremony's price tag, our massive national debt of $15.8 trillion could pay to open approximately the next 376,000 Summer Olympics Games.

"Congress could medal in ignoring our debt problems," said Flake.

Along with Senators McCain and Rubio, Congressman Flake introduced in the 112th Congress the Debt Buy-Down Act, which allows taxpayers to designate up to 10 percent of their federal income tax liability to reduce the national debt. The bill then requires Congress to reduce federal spending by that amount.


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