Debt Deal another Death Blow

Our nation's economic health is suffering and will continue to suffer with the end result unknown but grim.  Please read the following and realize that drastic measures will need to be taken to get us back on a path of solvency.
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Debt Deal Not Good for Future of America

 (from newsletter sent by Kansas Senator Jerry Moran)
Congressional leaders and the White House convened over the weekend to see if they could come to an agreement prior to the August 2nd debt ceiling deadline. The new plan was released late on Sunday evening and passed the U.S. House of Representatives Monday night. The Senate is expected to consider the measure later today.

Kansans have the right to know the truth. The truth is this plan does not offer a solution to the underlying problem of our crisis today: our government’s out-of-control spending. Even if fully enacted, it only slows the growth of spending, and does that just barely. This plan will reduce spending by $21 billion next year. But given that we spend $4 billion more than we take in each day – those savings will disappear in less than a week.

In March, I info rmed President Obama that I would not vote to raise the debt ceiling in the absence of substantial reductions in spending and structural changes to the way we do business in Washington, D.C. This plan does neither. It also ignores the stark warnings from credit rating agencies, which stated a $4 trillion deficit reduction plan would be necessary to prevent a downgrade in the U.S. credit rating. Therefore, I cannot support it.

The federal government has doubled spending since 2000. Our deficits are now more than $1.4 trillion per year, and our debt has reached a stunning $14.5 trillion. These facts were a wake-up call to Kansans and Americans last November, who called on Washington with one voice to come up with a responsible solution. It’s truly unfortunate that after months of political wrangling in Washington and increased anxiety in living rooms around the country, we were unable to do so. Under the plan passed today, our national debt will continue to grow and will reach $22 trillion in ten years. Over the next three decades, our debt will become more than three times the size of our entire economy.

Unfortunately, business as usual continues in Washington today, and solving the problem was pushed off for yet another day. This plan might be considered a good ‘deal’ in Washington – but it is not good for the future of America.