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Congressman Tom Reed Monday highlighted Congress’ recent failure to hold the line on the national debt and in turn, the interest payment on the debt which is set to quadruple within the decade. Reed opposed the clean debt limit increase Congress passed last week, saying a glance at the country’s interest payment on debt alone is enough to crush the next generation.

“Raising the debt ceiling without any reductions or reforms simply increases spending and increases our debt – irresponsible moves I cannot support. Maintaining the status quo with business as usual in Washington is not fair to the next generation and does nothing to address the crisis that is our enormous debt.”

Reed highlighted a recent report from the non-partisan CBO projecting the interest payment on the national debt will nearly quadruple in the next ten years – to $880 billion by 2024.

"To put it into perspective,” Reed said, “the country spent about $670 billion on defense in 2012 and roughly $768 billion on all of Social Security in the same year. Where is the money going to come from to pay for those lifeline programs if we are spending $880 billion just on the interest payment for our debt?" Reed continued, "It is either going to come from the gutting of critical federal programs such as these or unimaginable tax increases on every American, either of which would destroy America as we know it. Because I care too much to let this happen, we must change the status quo of Washington DC and solve the problem now. Waiting until the last minute doesn’t make the problem go away, it only makes it worse." 

Prior to last week’s debt ceiling vote, Reed said he would be part of even 'baby steps' toward reducing Washington spending and the debt. Reed says he went to Washington to change the status quo and get the debt under control and that a bill that fails to make any progress is a non-deal for him.

“What I hear from those who advocate we don’t do anything and allow the debt to increase is that they are content to not make the hard decisions now but rather do what is easy so their reelection is not jeopardized. That’s not my approach because I’m not willing to jeopardize the future of the next generation for personal reelection interest. Enough is enough. It is time to lead." 

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