Wednesday, April 12, 2006

Personal Share of the National Debt

I have a sign outside of my office in Washington, DC that lists the daily total of the national debt. Every day, when I come into the office, I see the numbers rising. Part of the sign also lists your share of the National Debt. When I first posted the sign, the personal share was $26,000. It rose to $27,000 last year. And, once again, it has increased. The number is now $28,000.

Not too long ago, the national debt ceiling was limited to $8.18 trillion. But the federal government continued to borrow money and did nothing to bring spending under control. So, Congress raised the debt limit to $9 trillion. Congress should be acting to reduce the spending of the Federal Government, not raising the limit so we can spend more.

The U.S. House of Representatives is currently debating the FY2007 budget that is projected to add an additional $3 trillion of debt over the next five years. We must act now to reign in the out-of-control federal spending so that future generations are not paying off the $28,000 that each one of us now owe.