10 Democrats Stand Up for Fiscal Discipline–Will Leadership Follow?

Nicola Moore / October 15, 2009

Ten democratic Senators recently issued an important call to action for Majority Leader Harry Reid to support efforts to get America’s long-term fiscal imbalance under control. One can only hope Senator Reid listens.

As the letter notes, America is already $12 trillion in debt and, in the next decade, will dig itself even deeper by adding $10 trillion in deficits.

In the coming months, Congress will be required to increase the debt limit so that America can continue to afford to pay its bills. But the true disaster starts in the coming decades. Baby boomers have already begun to retire and collect Social Security and, soon, Medicare, and in today’s terms the amount of money required to pay those benefits is equivalent to adding another $46 trillion to America’s debt.

Recognizing the need for urgent action, the Senators state: (more…)