Roskam Declares August 4th Debt Dependence Day

From the Office of Representative Peter Roskam…

Starting Today Every Dollar U.S. Spends in 2010 Must Be Borrowed

Rep. Roskam: “Though most families won’t celebrate Debt Dependence Day with fireworks and parades, this August 4th, every American should take note of the huge and growing share of our national debt with their name on it.” From the Roskam Press Shop – Remember when we were kids and summer meant hot dogs, sparklers, swimming and celebrating America’s independence from tyranny? This summer, thanks to an unprecedented spending binge by a Democrat-controlled Congress, we, um… celebrate August 4th as Debt Dependence Day.

As Paul Revere liked to say, “The Red Ink is coming! The Red Ink is coming!” We’re borrowing 41 cents of every dollar this year, and with 41% of the year left to go, every cent we spend from here on out must be borrowed.

I know this “holiday” isn’t exactly Christmas in August, but there’s something we can do to fight the Red Ink right away: stop spending, start cutting. House Republicans have offered over $120 billion in budget cuts using YouCut the last 10 weeks, none of which have passed due to lack of Democratic votes.

Step #2: return clarity and confidence to the economy by extending the past decade’s tax relief. There’s about $2 trillion of private capital sitting on the sidelines right now that could be used to hire new workers and expand operations, thereby boosting tax revenue to the government. Why is it on the sidelines? There’s barely any business, large or small, that knows what taxes or regulations are coming down the road, so they’re hoarding cash and waiting for signs of actual recovery before they invest.

Extending those cuts, combined with fixing Washington’s spending problem will go a long way towards easing the debt burden. House Republicans are receiving a clear message from AmericaSpeakingOut.com this summer: “stop spending our money.”

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The largest tax increase in United States History is 149 days away. On January 1st of 2011, the tax relief for families, businesses and individuals of the last decade will expire.

The debate is moving fast, so I strongly encourage you to sign up for updates via my e-newsletter to avoid being left in the dark during the upcoming ‘black out’ period.

House of Representatives rules prohibit Member offices from emailing updates during ‘black out’ periods, except if you click here and sign up. In Illinois, our ‘black out’ period begins tomorrow on August 5th and extends until November.

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