by Rep. Erik Paulsen (MN)
As runaway government spending continues, the United States is setting a dangerous precedent with our skyrocketing national debt. In fact, our debt has reached such a high level that the Federal Reserve has resorted to printing money to buy US Treasuries, a practice that is counterproductive for the financial health of all Americans.
This week, I briefly visited the U.S. Treasury auction, where the Government literally sells U.S. debt to finance Washington’s reckless spending habits. I watched as $27 billion worth of U.S. debt was sold. This was part of a record $104 billion sold this week alone. Sadly, this is only a fraction of the total debt our nation faces, which has now reached astronomical levels of over $11 trillion.
I wish every Member of Congress had attended this auction, which is visible evidence of the runaway spending taking place in Washington. It was like watching our children’s future being sold in the course of a few minutes , and only furthered my resolve to stomp out wasteful spending that is inherent in Congress.