|00:00:00||YOU, MADAM SPEAKER.|
|00:00:02||I RISE TODAY AS A PROUD PRIMARY SPONSOR OF THE SUBJECT RESOLUTION THAT IS BEFORE THE DESK.|
|00:00:09||MADAM SPEAKER, I'D LIKE TO START MY CONVERSATION WITH A FEW NUMBERS.|
|00:00:16||2 TRILLION DOLLARS.|
|00:00:18||THAT IS THE SIZE OF OUR NATIONAL DEBT.|
|00:00:21||WE AS A NATION ARE BORROWING AT THE RATE OF $58,000 PER SECOND.|
|00:00:29||THAT IS APPROXIMATELY $45,000 FOR EACH MAN, WOMAN, AND CHILD IN AMERICA.|
|00:00:36||THIS TYPE OF DEBT IS NOT SUSTAINABLE.|
|00:00:40||MADAM SPEAKER, THIS RESOLUTION IS OFFERED TODAY TO SEND A MESSAGE TO THE NATION AND TO THE WORLD -- >>|
Mr. REED. Madam Speaker, I rise today as the proud primary sponsor of the subject resolution that is before the desk.
Madam Speaker, I'd like to start my conversation with a few numbers: $15.2 trillion. That is the size of our national debt. We as a Nation are borrowing at the rate of $58,000 per second. That is approximately $45,000 for each man, woman, and child in America. This type of debt is not sustainable.
Madam Speaker, this resolution is offered today to send a message to the Nation and to the world that this Chamber is going to lead and not hide. We are going to deal with the issue of the national debt once and for all because it is time. The path that we are on is not sustainable. It is a path of bankruptcy, it is a path that will destroy the American Dream if we do not stand up to the plate and lead us out of this fiscal nightmare that we now find ourselves in. [Page: H55] Now, many people in this town and in this Chamber and in the Chamber on the other side of the Capitol probably would like this issue to go away until after the election. The problem is, is that the issue will not go away. And even though if we don't want to deal with it politically, we need to deal with it substantively. And my resolution that is before this Chamber will send a message that the constant borrowing on the backs of our children and our grandchildren must come to an end.
I quote the words of our own President when he was Senator in the U.S. Senate. The path that we are on is similar to the words he echoed and stated in the U.S. Senate Chamber when he said this constant borrowing, this national debt is a complete failure of leadership in the White House. We need to lead, and that is what we are going to do.
So I ask for support on this resolution from all of my colleagues, to stand with us, make the hard decisions, deal with this issue to stop this insanity that is truly a threat to our very Nation. And also, it is a threat to any economic recovery that our Nation hopes to enjoy in the short term, because if we do not get the debt under control, small business America, our entrepreneurs, the people that are going to put Americans back to work will not have the confidence or the certainty to invest in the American market that is going to lead to real jobs and to deal with the problem of our unemployment once and for all.
So with that, Madam Speaker, I reserve the balance of my time.