GOP’s Thune: We’ve Added $6 Trillion in Debt During Just One Obama Term
Sen. John Thune delivers the Weekly Republican Party Remarks
Hi, I’m Senator John Thune from the great state of South Dakota.
With the recently passed fiscal cliff legislation, Congress enacted tax relief for 99 percent of Americans.
Now that the tax part of the fiscal cliff issue has been dealt with, it’s time to address the real cause of Washington’s fiscal mess— out-of-control spending.
Washington is addicted to spending your money.
Over the past four years, our country has added nearly $6 trillion to the national debt. At $16.4 trillion, our nation’s total debt is now larger than our entire economy.
This means that every man, woman, and child owes a $53,000 share of this debt. That level of spending is unsustainable. We cannot afford to keep adding over a trillion dollars to the debt every year, as we have for the past four years.
A major credit rating agency has already downgraded our nation’s credit once, and, if we don’t start making some real progress on spending reforms, more downgrades are likely in the near future.
What does that mean, practically speaking?
Well if you or I as citizens had a bad credit rating, banks would charge a higher interest rate when we approached them to borrow money.
It works the same way with nations. If the United States’ credit rating is further downgraded, our country will pay higher interest rates. This will mean trillions of borrowing in order for America to pay its bills.
Needless to say, we can’t go on like this forever. Eventually, we are simply going to run out of money. And no tax increase, no matter how high, will be enough to save us.