Congressman Dan Lungren (R-Gold River) issued the following statement today in response to the U.S. national debt surpassing $16 trillion for the first time in American history.
"The debt of the United States is now $16 trillion. We have reached a milestone that everyone should take very seriously because of its lasting effect on the future of our country. There is really no way to sugar coat the problem we face. This level of debt is a burden to our economy, is a threat to our national security, and will seriously alter the livelihood of future generations of Americans. We are currently borrowing nearly 40 cents on the dollar and sending the bill to our children and grandchildren- everyone's share of the national debt is $50,908. We have borrowed and spent money we do not have and the level of debt will continue to rise unless we chart a new fiscal course. Enacting commonsense reforms that address the drivers of this colossal debt needs to be our main priority if we are to strengthen our economy today and save the American dream for the next generation."