WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after attending a Financial Services Committee hearing entitled, "Why Debt Matters," which focused on the risks of our spending-driven excessive debt:
"With our national debt exceeding an astounding $17 trillion, our nation is clearly on an unsustainable fiscal path that is driven by the excessive spending culture under this Administration. While we have been able cut spending and enact policies to slow the increases in debt accumulation, we have failed to address entitlement programs, which are the key drivers of our long term debt. Passing down a stronger and more prosperous America, the most sacred duty of each generation, depends on us coming together to address these critical issues.
"Failure to deal with our rising national debt not only poses a threat to our economy and future generations' standard of living, but it also poses a very real threat to our national security. The astounding amount of foreign-held debt we have increases our vulnerability and jeopardizes our leadership role in the global economy.
"Simply put, we must stop the spending that has gotten us into this debt crisis and come together to address our debt before we are compelled by our creditors to do so. We must free our job creators from the shackles of national debt holding them back from kick starting our economy and focus on fiscally conservative policies that will get us on track to economic growth. The livelihood of our children and grandchildren depends on it."