Washington – House Budget Committee Ranking Republican Paul Ryan (WI) issued the following statement in response to the U.S. Treasury Department’s announcement that total debt surpassed the $13 trillion mark:
“As Federal debt soars over $13 trillion this week, Washington continues its spending and borrowing binge. Democrats in Congress have made no attempt to even budget for the upcoming fiscal year. No budget, no priorities, and no restraints – but the taxing, spending, and borrowing all continue unchecked. This explosion in spending and borrowing is undermining job creation and economic growth, drowning our children in a sea of red ink, and exacerbating a debt crisis playing out in real time across the Atlantic.
“We need to cut and control spending. We need to reform and save our entitlement programs for future generations. We need to restart the American engine of prosperity and growth. It is not too late to chart a new course – but we must act now.”