RENACCI: WASHINGTON NEEDS A SHOCK TO THE SYSTEM01/18/12
Washington, DC—Today, U.S. Representative Jim Renacci (OH-16) released the following statement on his intention to vote for a resolution that if approved by the Senate and President would prevent raising the current debt ceiling:
“Our national debt has increased by almost $5 trillion in just the last three years. If our fiscal position continues to worsen, we may not have to wait until the next generation to see the consequences of today’s overspending. However, it is not too late to do something about it. First, Washington needs a shock to the system. Defaulting on the debts of the past is not a viable option. But neither is continuing the Washington status quo, which has been defined by the failure of the “Super Committee” and President Obama to identify specific spending reductions.
“The Obama Administration has racked up more debt than all 43 prior administrations combined, and the President has sat on the sidelines of the debt reduction debate while our economy and our credit rating have collapsed. Drastic action is needed to get our ship back on course and avert the coming economic disaster. The President’s request to increase the current $15.2 trillion debt limit has not been paired with any meaningful action or sign of seriousness from the White House or the Senate on how to reduce our exploding national debt. That is why I will vote today to disapprove yet another increase.”
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.
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