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"You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done."
Ronald Reagan




Monday, June 6, 2011

Dave Camp - U.S. Treasury Says Debt Will Be Greater Than The Entire Economy This Year

In its latest report on the public debt, the U.S. Treasury Department now projects that the U.S. debt will exceed GDP by the end of this year. This is three years earlier than the date projected in the same report last year.

This is simply another in a long list of reasons why any increase in the debt limit must be paired with significant spending reductions and real entitlement reforms. Independent economists have found that such high, sustained levels of debt relative to GDP could cost the country up to 1 million jobs. With the unemployment rate at 9.1 percent and close to 14 million Americans looking for work, it is time for President Obama to come forward with a serious proposal to get Washington’s spending under control.

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