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U.S. reckless spending spree must end

Our country is broke. We are $14 trillion in debt, and with each passing day the United States pays more than $1.2 billion on our interest payments alone.

We’ve dug a hole so deep that every baby born in America today owes an average of $45,362 toward our debt, making the next generation worse off than generations past. If we don’t put the shovel down now, we will leave a legacy of debt that will limit future generations from realizing the American Dream, and will make our children and grandchildren more vulnerable to those seeking harm to America and our national interests.

Our debt crisis is not only a matter of dollars and cents; it’s also a matter of national defense. Last summer, Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, called our national debt “the biggest threat we have to our national security.” To meet this threat, we need the political courage to do the right thing — and make the tough spending cuts before our security is further compromised.

Unlike those who risked life and limb defending America from the threats of fascism, communism and tyranny, we are not called to make the ultimate sacrifice for our country in our fight for fiscal solvency. But we are called to make sacrifices nonetheless.

Since the previous U.S. Congress failed to pass a budget for fiscal year 2011, the government has been forced to run on what is called a Continuing Resolution (CR). This week, the House will vote on extending the CR, which will fund the government from March until the remainder of fiscal year 2011, ending on Sept. 30.

House Republicans have proposed CR legislation that would roll back spending to pre-stimulus, pre-bailout levels, saving the country $100 billion over the next seven months. This reduction would reverse part of the reckless spending spree that got us into this financial crisis in the first place.

Over the past four years, our gross national debt increased by 63 percent, from $8.67 trillion in 2007 to $14.1 trillion in 2011. This debt is equal to the debt accrued between the presidencies of George Washington and Bill Clinton — over the course of our nation’s first 220 years.

This recent tsunami of debt has sounded the alarms and the call is clear: We need to live within our means today if we want to realize the promise of tomorrow.

Right now, for every dollar the government spends, 40 cents of it is borrowed — usually from China. Additionally, based on 2012 projections, U.S. debt will exceed the size of the entire economy, which has not happened since the end of World War II.

We are heading off a cliff and it’s time to put on the brakes. The key to recovery is not more spending, borrowing and taxing. The key is cutting down the debt, shrinking government to a sustainable level, eliminating needless and burdensome government regulations that get in the way of private-sector growth, and initiating real spending reforms that will promote economic development and job creation.

This week’s vote on the CR focuses on discretionary spending for 2011, which includes all federal funding for programs that aren’t obligated or mandatory, like Social Security, Medicare, Medicaid and other entitlement programs. House Republicans have proposed holding the line on federal spending by reducing funds for federal programs that had increases that outpaced inflation; did not deliver a return on the taxpayers’ investment; or are rife with waste, duplication and fraud. Without a doubt, there are going to be program and initiative cuts of local interest for every member of Congress, but we must set aside political considerations and act for the greater good.

Today’s vote to reduce 2011 spending by $100 billion is only the beginning. When we debate the budget for Fiscal Year 2012, we will look at comprehensive budget reforms that will consider every facet of government spending. It will require a strong spine and steady resolve, but it’s a call we need to answer collectively, not just for our benefit, but for the benefit of generations to come.

Congressman Mike Kelly represents Pennsylvania’s 3rd Congressional District.

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