Holding Our Government Accountable on the National Debt
WASHINGTON, DC – Following the passage of HR 3442, the Debt Management and Fiscal Responsibility Act of 2015, Congressman Bob Gibbs released the following statement:
“The House’s vote today is a step towards fiscal sanity and budgetary discipline. We are approaching a twenty trillion dollar national debt and the Obama Administration shows no signs of slowing down. This legislation will require the president to create and submit a report to Congress and the public on the composition of the national debt, how the Secretary of the Treasury intends to fulfill our debt obligations, and the impact of what increasing the debt limit will do to long-term government spending and the strength of the U.S. dollar.
“Our ballooning national debt is not just a financial problem, but also a serious threat to our national security. If we don’t get our fiscal house in order, federal spending just on our obligations will soon leave fewer dollars for basic and fundamental spending like national defense.”