|00:00:00||DESJARLAIS: MADAM SPEAKER, OUR NATION IS $15 TRILLION IN DEBT.|
|00:00:04||WHAT DOES THAT REALLY MEAN?|
|00:00:05||IT MEANS THAT EVERY AMERICAN'S SHARE OF THE DEBT IS ROUGHLY $48,000.|
|00:00:10||IT MEANS THAT OUR DEBT IS MORE THAN OUR NATION'S YEARLY GROSS DOMESTIC PRODUCT.|
|00:00:15||IT MEANS WE MUST BORROW 40 CENTS ON EVERY DOLLAR WE SPEND.|
|00:00:20||AND IT MEANS THAT CHINA CAN PURCHASE A NEW F-35 JOINT FIGHTER EVERY DAY WITH THE INTEREST WE PAY THEM.|
|00:00:30||WHILE THESE FACTS ALONE SHOULD CAUSE CONCERN, THE TRULY FRIGHTENING PATIENT IS THAT THERE IS NO PLAN IN PLACE TO PREVENT OUR DEBT CONTINUING TO GROW.|
|00:00:39||INCREASING THE DEBT LIMIT BY ANOTHER $1.|
|00:00:41||2 TRILLION WILL MEAN BY THE END OF 2012, OUR NATIONAL DEBT WILL BE IN EXCESS OF $16 TRILLION.|
|00:00:49||BUT WORSE THAN THAT, RAISING THE DEBT LIMIT SENDS THE MESSAGE TO JOB CREATORS THAT WE ARE STILL NOT SERIOUS ABOUT MAKING THE NECESSARY SPENDING CUTS AND REFORMS TO PAY DOWN THIS UNSUSTAINABLE DEBT.|
|00:01:03||MY CONSTITUENTS HAVE GIVEN ME A CLEAR MESSAGE, MAKE THE FEDERAL GOVERNMENT LIVE WITHIN ITS MEANS.|
|00:01:09||THAT WILL REQUIRE US TO PRIORITIZE OUR SPENDING AND MAKE TOUGH SPENDING DECISIONS.|
|00:01:15||BUT THERE'S NO OTHER CHOICE.|
|00:01:17||IT IS SIMPLY IMPOSSIBLE TO CONTINUE TO RUN YEARLY TRILLION DOLLAR DEFICITS, YET THAT IS EXACTLY WHAT SOME IN WASHINGTON WANT TO CONTINUE TO DO.|
|00:01:27||THERE'S ABSOLUTELY NO DOUBT THAT IF WE DON'T CHANGE THIS COURSE, THIS RECKLESS SPENDING BING WILL RUIN OUR ECONOMY AND BANKRUPT OUR NATION.|
|00:01:35||THAT IS NOT FAIR TO OUR FUTURE GENERATIONS.|
|00:01:40||WE HAVE AN OPPORTUNITY HERE TODAY TO SAY ENOUGH IS ENOUGH.|
|00:01:43||WE CAN BE THE CONGRESS THAT ACTS TO PUT THIS GREAT NATION BACK ON THE RIGHT TRACK.|
|00:01:49||I URGE MY COLLEAGUES TO JOIN ME IN VOTING IN FAVOR OF THIS DISAPPROVAL RESOLUTION.|
|00:01:53||I YIELD BACK.|
Mr. REED. Madam Speaker, I am pleased to yield 2 1/2 minutes to the gentleman from Tennessee (Mr. DesJarlais).
Mr. DesJARLAIS. Madam Speaker, our Nation is over $15 trillion in debt. But what does 15 trillion in debt really mean? Well, it means that every American's share of the debt is roughly $48,000. It means that our debt is more than our Nation's yearly Gross Domestic Product. It means we must borrow 40 cents on every dollar we spend. And it means that China can purchase a new F-35 Joint Strike Fighter every 2 days with the interest we pay them.
While these facts alone should cause concern, the truly frightening part is that there is no plan in place to prevent our debt from continuing to grow. Increasing the debt limit by another $1.2 trillion will mean by the end of 2012 our national debt will be in excess of $16 trillion. But worse than that, raising the debt limit sends the message to job creators that we are still not serious about making the necessary spending cuts and reforms to pay down this unsustainable debt.
My constituents have given me a clear message: Make the Federal Government live within its means. That will require us to prioritize our spending and make tough spending decisions. But there's no other choice. It is simply impossible to continue to run yearly trillion dollar deficits, yet that is exactly what some in Washington want to continue to do.
There is absolutely no doubt that if we don't change this course, this reckless spending binge will ruin our economy and bankrupt our Nation. That is not fair to our future generations.
We have an opportunity here today to say, enough is enough. We can be the Congress that acts to put this great Nation back on the right track. [Page: H64] I urge my colleagues to join me in voting in favor of this disapproval resolution.