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Gregory Congressional Reform Plan
January 21, 2010Over the past decade, the American people have witnessed few examples of bipartisanship. Unfortunately, one point on which Congressional Republicans and Democrats agree is spending—the more the merrier. From 2001 to 2008—the years of the George W. Bush administration—the national debt increased from $5.6 trillion to $10.7 trillion. The ascension of President Obama has only exacerbated the country's extravagant spending habits, and familiar faces in Congress continue to pass laws calling for increased spending. Most estimates suggest that the debt will soon rise to 100 percent of GDP—the highest percentage since World War II. Although the current national debt of $12 trillion may seem like imaginary money to our members of Congress, the problems it causes are very real. Interest payments on our debt account for approximately 10 percent of national spending, making debt the fourth largest expenditure behind only defense, social security, and Medicare. Every year, dollars that could be invested in education, economic development, national security, or alternative fuel research are instead sunk into paying for Congressional profligacy. Full release.