Blue Dog Leadership Statement on the U.S. National Debt Surpassing $20 Trillion
Today, the co-chairs of the fiscally-responsible Blue Dog Coalition—Reps. Jim Costa (D-CA), Henry Cuellar (D-TX), and Daniel Lipinski (D-IL)—issued the following statement in response to the U.S. national debt surpassing $20 trillion for the first time in U.S. history:
“The total public outstanding debt of the United States has surpassed $20 trillion for the first time in our country’s history, and it continues to increase at an alarming rate.
“At a time when too many American families feel as though they haven’t fully recovered from the 2008 financial crisis, our nation is on a fiscally-unsustainable path. As a result of our growing debt, Americans will see lower wages, higher interest payments, and fewer jobs. We must take serious action to reduce the debt if we want to avoid another financial crisis and put our economy on the path to prosperity.
“This isn’t just an economic issue; it’s also a national security issue. In a time when our nation is seeing more complex and increased threats from around the world, a continuously rising debt will harm our national security. It will constrain funding to ensure a strong military, hamper diplomacy, and reduce the resources we have to ensure a strong economy and maintain our soft power influence around the world.
“It is our hope that this news serves as a wakeup call for Washington to the reality that our rising debt puts the future of our economy and our children in jeopardy. For the sake of our nation, it is time for Congress to walk the walk, and not just talk the talk, when it comes to our fiscal state. This isn’t a Republican or Democratic issue — it’s an American issue.”