Source: Kay Hagan's Carolina Connection Newsletter, 12/22/10

On Dec. 1, the Bipartisan Debt Commission released its report, and North Carolina's own Erskine Bowles, co-chair of the commission, called the national debt 'a cancer destroying our nation from within.' Just two weeks later, Congress passed a tax bill that adds a staggering $858 billion to our already severely bloated national debt.

I voted no on this bill because I could not, in good conscience, approve adding nearly a trillion dollars to the national debt without any long-term plan to address the deficit.

The last time Congress did a comprehensive rewrite of our tax code was 1986. Our debt then was $1.5 trillion. Today it has ballooned to $8.7 trillion - nearly half of which is owned by China and other foreign creditors. This trend of excessive borrowing is unsustainable.

According to the nonpartisan Congressional Budget Office, interest on the debt could rise to nearly $1 trillion annually by 2020.

It is time for Congress to tighten its belt, just like North Carolina families do daily.
I took a strong stand against last week's tax package because it takes us in the wrong direction. It makes none of the tough choices that the debt commission recommended, instead kicking any real decision-making two years down the road.

Real action to address our staggering debt must be a bipartisan priority for the 112th Congress. It is up to those of us who are serious about this problem, on both sides of the aisle, to lead the way in tackling this pressing issue.

I wish everyone in North Carolina a joyful holiday season and a Happy New Year!