Rep. Joe Pitts (PA) talks about Debt Day on the House floor:
"Debt Day is the day on which the government runs out of money in a given year and all of the government spending for the rest of the year is borrowed money.
For 2009, Debt Day fell on April 26th, this past Sunday. This is an astonishingly early day in the year to run out of money. Last year it was August 5.
So in four months, this Congress and Administration has shattered all previous records for debt levels, moving debt day up in the calendar over three months from last year. President Obama and this Congress make the Bush deficits look trivial.
Friends, this is the most valuable and expensive credit card in history—a Member of Congress voting card.
This Congress has taken out their credit cards and saddled our children and grandchildren with debt, mortgaging their future.
Since the first of the year, $350 billion in TARP, billions of dollar bailouts, $787 billion in stimulus, $410 billion in omnibus, $3.5 trillion in the budget—mostly borrowed money.
All of this debt dumped on future generations."