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Whitfield Calls On President Obama To Get Serious on National Debt
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WASHINGTON, D.C. – In anticipation of tonight’s State of the Union Address, U.S. Rep. Ed Whitfield, (KY-01), Chairman of the House Subcommittee on Energy and Power, today spoke on the floor of the House of Representatives to call on the President to make an annual formal declaration of national debt. Whitfield contends that the public information from the White House regarding the national debt is not easily accessible or easily understood.
“Today, I am asking that we consider a requirement that the President, on a day that coincides with the State of the Union, also make a formal declaration of national debt,” stated Whitfield on the floor of the House of Representatives. “Our debt is increasing so quickly that it is difficult to determine the exact amount of our national debt. Suffice it to say, in the very near future, it will exceed 17 trillion dollars. Families throughout America must live within their means or suffer the consequences, and our government must live within their means or suffer the consequences.”
Under Whitfield’s proposal, the President will be required to prepare an annual public report that is released on the day of the State of the Union Address that discloses the national debt and the change in debt from the previous years. In addition, the report would measure what percentage of gross domestic product the national debt represents; projections of the future level of the national debt; and the expected unfunded liabilities for programs such as Medicare and Social Security.
According to the nonpartisan Congressional Budget Office (CBO), the national debt is currently estimated at $16.5 trillion. The CBO further estimates an additional $9.5 trillion in debt over the next ten years.