Congressman Mike Fitzpatrick, after an event at Richboro Middle School, announced his opposition to a scheduled vote to increase the federal debt ceiling by $2.4 trillion to a total of $16.7 trillion, according to a release.
Earlier this month, on May 16, the federal government reached its statutory debt ceiling, although the Treasury has indicated it can extend its borrowing authority into early August. Secretary Geitner has asked for a clean up or down vote on an increase to the debt limit.
“We cannot continue to pass along a staggering national debt to our children and grandchildren,” said Fitzpatrick. “For too long Washington has been making only the minimum monthly payments on the national credit cards. If the President and the Democrats want the American people to pay its bills, they must cut up the national credit card first.”
Currently the national debt stands at over $14.2 trillion, almost more than the entire U.S. economy, meaning that each and every child born today in the United States owes a $45,500 share of the national debt.
“Washington does not have a revenue problem, it has a spending problem,” added Fitzpatrick. “If we want to maintain our nation’s creditworthiness it is paramount that we put our fiscal house in order, not simply increase our credit limit.”