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Today the House of Representatives voted to increase the nation’s debt limit by another $1.9 Trillion raising the grand total from $12.36 Trillion up to $14.29 Trillion, an increase of 15.3 percent. Congressman Bill Posey (R-Rockledge) opposed the action, equating it to “generational theft”. 

“Washington has had a spending problem for some time now and it’s our job to get a handle on it,” said Congressman Posey. “Congress is dipping into the pockets of future generations of Americans to help pay our way today and this is wrong. Congressional leaders should seriously consider putting forward a balanced budget plan instead of funding the government through continuing resolutions, which has not been a very responsible way to manage the nation’s finances.”

Earlier this week, the President released a $3.8 Trillion Fiscal Year 2011 budget which carries a $1.6 Trillion deficit, increases spending to new record levels and proposes $2 trillion in tax increases. “We can’t afford another $10 Trillion in new debt which is where the President’s budget plan is taking us,” said Posey. “Now is the time to lay the groundwork to bring government spending under control while relieving taxpayers and small business owners of the massive burden of paying for more bureaucracy and bigger government.”

Over the last three years, the debt limit has been raised by Congress six times (including today) and the national debt has increased by 59.4 percent or $5.33 Trillion. The current share of the national debt per citizen is $40,065 and $113,148 per U.S. taxpayer. For more information about the impact of the national debt, please visit www.posey.house.gov for a link to the U.S. Debt Clock.