WASHINGTON, D.C. – Today, House Majority Leader Eric Cantor (R-VA) released the following statement regarding the U.S. national debt surpassing $16 trillion:
“With $16 trillion in federal debt, we can no longer push off the tough decisions until tomorrow. It’s time to address the serious fiscal challenges we face and stop spending money we don’t have. Like every family and business in America, we must live within our means. Today’s unsustainable trajectory makes clear that the current approach has not worked.
"Since the President took office, the national debt has increased by over $5 trillion. The President failed to keep his promise to cut the deficit in half. Now, rather than helping Republicans in Congress get spending under control, the President is proposing to tax small business owners which would cost the economy over 700,000 jobs. We cannot afford more of the same failed policies, big-government spending and massive tax hikes on hardworking families and small businesses.
"Republicans are offering bold, pro-growth solutions to tackle the drivers of our debt, lower taxes and cut spending. While nothing can be changed overnight, we can all agree that we must work together to ensure a better, brighter future for our children and grandchildren.”