Yoho Demands President Get Serious About Tackling National Debt
Washington D.C. – Congressman Ted S. Yoho (R-FL-03) voted in favor for the Debt Management and Fiscal Responsibility Act – H.R. 3442. The bill will require -before the statutory debt limit is reached - the president to submit a debt reduction plan to Congress. Within that plan he must show the composition and drivers of debt and the consequences of increasing debt.
Congressman Yoho released the following statement after his vote:
“Our debt has now reached $19 trillion and it is the single biggest threat to our national security. The Obama Administration has done nothing to address this serious problem only gone out of their way to increase its size.
“The Congressional Budget Office (CBO) says the federal government will run a deficit of over $9.3 trillion over the next decade, with annual deficits rising to over $1 trillion each year as early as 2022. CBO points to over-spending as the driver of our rising deficits, writing “growth in spending — particularly for Social Security, health care, and interest payments on federal debt — outpaces growth in revenues over the coming 10 years.” Stack on top of this, the failure of both parties to do what is necessary to reform Social Security, Medicare, and Medicaid and we have a recipe for disaster. There is a freight train coming down the tracks while everyone looks the other way. This is crazy.
“The bill we passed tonight takes a positive step forward in addressing this growing problem of our national debt. We are requiring the Secretary of the Treasury to testify before the House Ways and Means Committee and the Senate Committee on Finance no more than 60 days – no less that 21days – before the debt limit is to be reached.
“The security of our country and the American people is something I take very seriously. I will do all I can – one vote at a time – to slow, stop, and reduce our national debt. This Administration has been absolutely negligent in tackling our nation’s issues head on. It is sad that we have to pass a law compelling this Administration to do its job. However, if that is what it takes, that is what we will do. By forcing the Administration to face these problems and stand before Congress, we can come together and solve this problem, the way the American people expect us to.”