U.S. Congressman Scott Rigell | In The News
eNews Update | June 3, 2011 Click here if you have trouble viewing this email
U.S. Representative Scott Rigell
The Rigell Report: "Unsustainable"
Discussing our economic situation.

 

Dear friends and neighbors,

This week, the House of Representatives overwhelmingly voted down a bill to allow the U.S. to borrow more money and increase our national debt, which stands at $14.3 trillion.  The message was clear: America knows we cannot afford a continued reckless spending agenda with yet another blind increase in the debt limit. To create jobs and save our country from national bankruptcy, we must concentrate on growing our economy, and above all else, we must – MUST – stop spending money we don’t have.

The news is a little worse than they've been telling us.  Our debt is not really just $14.3 trillion.  When $14.3 trillion is cited as the total of our national debt, that is only taking into account one part of the equation. When the unfunded liabilities of mandatory entitlement spending are accounted for, the debt really added up to $75 trillion in 2010 and is on track to hit $99 trillion this year.

This level of spending is unsustainable and will destroy our economy – fast.  This, on top of news that our economy is not growing fast enough, is frightening.  We can't 'kick the can' down the road to our children and grandchildren – we can't even kick that can down the road a few years – maybe not even a decade.  This is OUR problem, and we must solve it.

There are three things we need to do to regain control of this situation.  In short, we need to cut, cap, and balance:

  • CUT the deficit by making discretionary and mandatory spending reductions; 
  • CAP spending by creating statutory, enforceable total-spending limits to reduce federal spending to 18% of Gross Domestic Product (GDP); and
  • BALANCE our budget with a Balanced Budget Amendment (BBA) that includes strong protections against federal tax increases and a Spending Limitation Amendment (SLA).
Friends, it is hard for me to overstate the dangerous economic situation our nation is facing, and it’s hard for me to express how worried I am about this.  Cutting spending and creating economic growth are the reasons I came to Congress, and frankly, I won’t be satisfied until we’ve done so.  I remain

Yours in Freedom,

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Scott Rigell

Track our nation's liabilities
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Did you know?

1. The debt held by the public has more than doubled in the past five years.

2. The interest paid on the debt is currently projected to more than triple over the next 10 years and may alone consume all of our tax revenues by the middle of this century.

3. In April, for the first time since 1941, Standard & Poor’s (S&P) revised its outlook on the United States credit rating from stable to negative, citing the fear that Congress will fail to address the nation’s medium- and long-term budgetary challenges.

4.  As China considers ceasing its purchase of U.S. debt securities, the International Monetary Fund has forecasted that the size of China’s economy will surpass that of the United States in 2016, effectively ending the “Age of America.”


"Unsustainable"
We want to know: what does the word "unsustainable" mean to you?  Send us an email or video yourself explaining your understanding of the word and send us the link

J-O-B-S
We need to create more.  And we can.  Want to know how?  See the House Republican Plan for America's Job Creators.

 

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What would YOU CUT from the federal budget? 
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