[Congressional Record (Bound Edition), Volume 154 (2008), Part 3]
[House]
[Page 3305]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     THE GROWING U.S. NATIONAL DEBT

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from North Carolina (Mr. Jones) is recognized for 5 minutes.
  Mr. JONES of North Carolina. Mr. Speaker, last night I spoke on the 
floor about my concern that allied countries have only paid $2.5 
billion of the $15.8 billion they pledged to help rebuild Iraq. While 
many of Iraq's oil-rich neighbors are not making good on their 
promises, the United States has already spent $29 billion to help 
rebuild Iraq, and Congress has approved an additional $16.5 billion.
  Unlike the United States, which is borrowing money from foreign 
governments to pay its bills, many of Iraq's neighbors are running 
record surpluses. While oil is at a record high of nearly $104 a 
barrel, American taxpayers are facing prices of more than $3 at the 
pump. Last night on the floor, I heard Congresswoman Marcy Kaptur talk 
about the possibility of gas going to $4 a gallon. And Congressman Todd 
Tiahrt spoke about the Air Force's recent decision to award a 
multibillion contract for a new tanker aircraft to a foreign firm. He 
made the point that our government is putting the United States at an 
economic disadvantage by awarding contracts for a French tanker built 
by Europeans rather than an American tanker built by an American 
company with American workers.
  Mr. Speaker, all of these issues tie into my concern over America's 
economic future. Our national debt is growing by $1.4 billion a day and 
nearly $1 million by the minute. The total current debt is more than $9 
trillion, which means almost $30,000 in debt for each man, woman, 
child, and infant in the United States. And as our debt climbs, we are 
borrowing money from foreign governments to pay our bills.
  It is obvious that our current fiscal policies are not sustainable. 
On February 26, 2008, during a hearing of the Financial Services 
Committee, I had an opportunity to question a panel of top economists 
about when our country's current financial practices will get beyond a 
point of no return. Dr. Mark Zandi, chief economist for Moody's 
Economy.com, responded that this point of no return will come ``once we 
get into the next President's term.'' He continued to say that if we're 
not successful in addressing the economic questions currently facing 
our Nation, ``we've got a significant problem.''
  I've read a lot of history books, and most recently I read Pat 
Buchanan's book ``Day of Reckoning.'' I agree with his assessment that 
``no world power has long survived the levels of debt and dependency 
America is incurring.''
  If America does not get its priorities straight and get a handle on 
its spending, we will not be able to survive as a great Nation.
  Mr. Speaker, because it is urgent that we turn our economic situation 
around, I hope that the Congress and the next President will take this 
issue seriously. Out of fairness to the American taxpayers and future 
generations, we can no longer delay the need to pay down our debt and 
work towards sounder economic policies.
  With that, Mr. Speaker, I will ask God to continue to bless our men 
and women in uniform and ask God to please bless their families and ask 
God to please continue to bless America.

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