Debt Day is no reason to celebrate

The following op-ed by Congressman Shuster in Debt Day is currently working its way through the 9th district's newspapers. Keep an eye out for it in your local editorial page:

Debt Day is no Reason to Celebrate

Congressman Bill Shuster

This past Sunday was Debt Day.

Debt Day marks the day when the government starts paying for federal spending by borrowing money rather than using revenue generated by your tax dollars. This means that all of the money spent in Washington from this day forward will either be borrowed from other countries like China, or borrowed from your children and grandchildren.

Families and small businesses in the 9^th district and across the country are cutting back on expenses and reshuffling their priorities in an uncertain market. As retirement accounts dwindle and economic uncertainty continues, many across our nation are looking to the government for steady leadership during this difficult time.

Unfortunately, instead of supplying real solutions to the problems we face, President Obama and the Democrat-controlled Congress have responded to the call with unprecedented levels of debt, spending, and government interference in our economy. The stimulus package I opposed in February increased the debt by $1 trillion, even though the Republican alternative would have provided twice as many jobs at half the cost.

Most recently, the President proposed a budget that will dramatically increase the amount of debt in America. According to the non-partisan Congressional Budget Office, the President’s budget will produce $9.3 trillion in deficits over the next ten years. The national debt will double in eight years, and by 2012, the American people will be paying $1 billion per day in net interest. Even some of my Democrat colleagues have declared that the policies are unsustainable.

Sadly, the total debt incurred by the nation as a result of Congress and the Administration will cripple America’s future. Debt per capita is currently about $35,000 and in just eight years it will be $70,000. Our children and grandchildren will be forced to bear an unprecedented burden as a result of the Democrats’ policies. Doubling the debt is no solution to our economic challenges.

The American people know we can’t borrow and spend our way back to prosperity. President Obama announced last week that he is calling on his Cabinet to cut $100 million from his $3.5 trillion budget. That is a drop in the bucket. $100 million is equivalent to a paltry .003 percent of the President’s total budget. Taxpayers deserve better.

The path to our economic recovery starts with real fiscal responsibility in Washington. I, along with my House Republican colleagues believe that the federal government should follow the example set by our nation’s families – tighten the budget, eliminate wasteful spending and give Americans more control over their finances by getting government off of their backs. The future of America depends on it.