[Congressional Record (Bound Edition), Volume 156 (2010), Part 7]
[House]
[Pages 9259-9260]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         WHY A BUDGET IS NEEDED

  (Mr. LATTA asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. LATTA. Mr. Speaker, why does this country need a budget, and why 
does this House need a budget? It is very, very simple. We are looking 
at a $20 trillion debt in less than 10 years; $20 trillion. What is the 
yearly interest going to be on that in 10 years? Over potentially $1 
trillion; $1 trillion in interest in one year that we are facing.
  This year, Washington is going to spend a record $3.6 trillion, and 
at least $1.5 trillion to $1.6 trillion is going to be in the deficit. 
The CBO and OMB when they testified before the Budget Committee, their 
directors both said that the spending is unsustainable. Unsustainable. 
But what happens here? We don't produce a budget. How do you get this 
under control?
  Our kids and their kids are going to be paying for it. It is tough to 
look these kids when they come to Washington in the face, when they are 
out here on the Capitol steps, look at them and ask where are they 
going to be in 10 years? It is not going to be what we did for them; it 
is what we have done to them.

[[Page 9260]]

  When we look in the future, it is getting worse, because right now 
when you look at this little chart that came out from the Treasury, 47 
percent of our debt today is foreign-owned.
  This has got to stop.

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