Watch: Congress Must Get Serious About Debt Crisis

At a House Financial Services Committee hearing entitled, “Why Debt Matters,” U.S. Representative Randy Hultgren (IL-14) challenged policymakers in Washington to stop ignoring the $17.5 trillion debt crisis which hurts Illinois families and businesses.

Watch: http://youtu.be/VHDGrMUsoQY 

Following are Rep. Hultgren’s prepared remarks:

Our nation faces a massive debt crisis, as our debt surpasses $17.5 trillion, or around $55,000 per person.  And that’s not to mention my home state of Illinois’s debt of almost $25,000 per person.

Unfortunately, many of our nation’s policymakers are ignoring this crisis, despite its real consequences for Illinoisans and Americans.

This crisis translates into higher interest rates, as we spend more money on interest to service the federal debts, and less, for example, on national defense, and vital services.

It also hurts working families, as mortgage costs go up, and companies pass their increased borrowing costs onto consumers, who pay more for the daily staples of life.

And make no mistake, this debt crisis is a spending crisis.

I have four children, and I refuse to stand by while Congress sacrifices their future and that of my constituents because it didn’t address our spending addiction, or place our entitlement system on a sustainable footing.

This is why I am looking forward to this hearing, and hope that Congress can make the hard choices necessary to secure a sustainable economic future for our children.

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