On Thursday, the U.S. House voted to let the federal government go $1.9 trillion deeper into debt.
That equals to about $6,000 for every U.S. resident.
The vote allows the cap on federal spending to jump to $14.3 trillion, which is enough to keep Congress from voting again before the November elections.
The national debt already equals approximately $40,000 per person.
“While families across the nation have struggled through the past year cutting back to make ends meet, the federal government has gone on a reckless spending spree with the American public’s hard-earned dollars,” said U.S. Rep. Lynn Jenkins, R-Kansas. “For the third time in one year, our nation has reached its debt ceiling.”
In a move to block the vote, House Republicans proposed a vote on the measure proposed by U.S. Rep. Todd Tiahrt, R-Kansas, that would terminate the bailout programs and reduce the debt ceiling by nearly $200 billion.
The End TARP Act was introduced earlier this week by Tiahrt and U.S. Reps. Erik Paulsen, R-Minn. and Wally Herger, R-Calif.
“America’s credit card is maxed out,” said Tiahrt. “We are tired of footing the bill for President Obama’s big bailout programs. The reckless nature of spending on programs we do not need paid for with borrowed Chinese money is driving jobs overseas. This is the third time the president will raise the national debt limit since taking office last year.”
In order to win passage of the measure, Democrats adopted budget rules designed to halt the rising annual deficit which has been projected by President Barack Obama to hit close to $1.56 trillion by Sept. 30.
The rules require spending increases or additional tax cuts be paid by either other programs or equal tax increases.
If those rules are broken, the White House budget office will force automatic cuts to programs like Medicare and unemployment insurance. Medicaid and Social Security would be exempt from the rules.
“Rather than cut spending, Congress continues to borrow more money to pay the government’s bills,” U.S. Rep. Jerry Moran, R-Kansas, said. “The government needs to behave like Kansans, who tighten their belts and make sacrifices when bills are due. We need to pass the balanced budget amendment and start living within our means so our children have a chance for a promising future.”
Jenkins added that fiscal responsibility was “held hostage to the Democrat’s big spending agenda.
“While I support the concept of pay-go and have voted for it in the past, today’s efforts are nothing more than a cynical political tactic to further a fiscally irresponsible agenda and increase the debt limit by $1.9 trillion,” Jenkins said.
The President’s budget projects the government’s debt doubling to $26 trillion over the next 10 years.
The Associated Press contributed to this story
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On Thursday, the U.S. House voted to let the federal government go $1.9 trillion deeper into debt.
That equals to about $6,000 for every U.S. resident.
The vote allows the cap on federal spending to jump to $14.3 trillion, which is enough to keep Congress from voting again before the November elections.
The national debt already equals approximately $40,000 per person.
“While families across the nation have struggled through the past year cutting back to make ends meet, the federal government has gone on a reckless spending spree with the American public’s hard-earned dollars,” said U.S. Rep. Lynn Jenkins, R-Kansas. “For the third time in one year, our nation has reached its debt ceiling.”
In a move to block the vote, House Republicans proposed a vote on the measure proposed by U.S. Rep. Todd Tiahrt, R-Kansas, that would terminate the bailout programs and reduce the debt ceiling by nearly $200 billion.
The End TARP Act was introduced earlier this week by Tiahrt and U.S. Reps. Erik Paulsen, R-Minn. and Wally Herger, R-Calif.
“America’s credit card is maxed out,” said Tiahrt. “We are tired of footing the bill for President Obama’s big bailout programs. The reckless nature of spending on programs we do not need paid for with borrowed Chinese money is driving jobs overseas. This is the third time the president will raise the national debt limit since taking office last year.”
In order to win passage of the measure, Democrats adopted budget rules designed to halt the rising annual deficit which has been projected by President Barack Obama to hit close to $1.56 trillion by Sept. 30.
The rules require spending increases or additional tax cuts be paid by either other programs or equal tax increases.
If those rules are broken, the White House budget office will force automatic cuts to programs like Medicare and unemployment insurance. Medicaid and Social Security would be exempt from the rules.
“Rather than cut spending, Congress continues to borrow more money to pay the government’s bills,” U.S. Rep. Jerry Moran, R-Kansas, said. “The government needs to behave like Kansans, who tighten their belts and make sacrifices when bills are due. We need to pass the balanced budget amendment and start living within our means so our children have a chance for a promising future.”
Jenkins added that fiscal responsibility was “held hostage to the Democrat’s big spending agenda.
“While I support the concept of pay-go and have voted for it in the past, today’s efforts are nothing more than a cynical political tactic to further a fiscally irresponsible agenda and increase the debt limit by $1.9 trillion,” Jenkins said.
The President’s budget projects the government’s debt doubling to $26 trillion over the next 10 years.
The Associated Press contributed to this story
