Washington, DC- Congresswoman Kay Granger (TX-12) issued the following statement following the vote to increase the federal debt limit by nearly $300 billion:
“This is the fourth time since July 2008 the Democrats have had to increase the federal debt limit in order to accommodate their reckless spending. The problem is not that our debt limit is too low; it’s that spending is too high. The federal government is now over $12 trillion in debt. If Washington pays back one dollar of that debt per second, it would take nearly 32,000 years to pay back one trillion dollars. To pay back all of what our federal government owes today it would take nearly 400,000 years.
“These are staggering numbers. Congress has played fast and loose with the economic security of our nation by spending until they legally cannot spend any more. Instead of slowing down the pace, they are ramming through more big ticket items such as health care, stimulus packages, and cap and trade. Enough is enough.