Washington, DC – Today, the House of Representatives passed legislation to increase this country’s national debt limit by $1.9 trillion.  The legislation, once signed into law by President Obama, will increase our national debt limit from $12.3 trillion to $14.294 trillion, allowing the federal government to accumulate debt approximately equal to the size of the overall U.S. economy.  Lucas opposed this legislation.  

“Fourteen trillion dollars.  It is an amazing amount of money,” stated Lucas.  “And even after the president promised the American people that the national debt would be a top priority for him, the White House and Speaker Pelosi have done nothing to address our continually expanding debt.”

This latest increase will not be enough to cover President Obama’s latest budget proposal for fiscal year 2011 and the debt limit will need to be raised again before October 1, 2011.  It is expected that the public debt will reach $9.3 trillion, which is almost 64 percent of gross domestic product (GDP).  European Union countries, not known for their fiscal discipline, are required to keep their debt levels below 60 percent of their GDP.

“We simply cannot continue down this path of out of control spending and borrowing,” stated Lucas.  “Growing our debt to the size of our economy is fiscally irresponsible and leaves our children and grandchildren with massive debt.”

Since 2007, the debt limit has been increased by $5.33 trillion, which averages to an increase of $17,268 for every man, woman, and child, or an increase of $121,982 per household.  This was the sixth time the debt limit has been raised since 2007 and follows two other debt limit increases in the last 12 months totaling $1.079 trillion. 

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