Congressman Vern Buchanan

Representing the 16th District of Florida

Buchanan: Greece a “Wake-up Call” for America

Jul 9, 2015
Press Release
U.S. debt has doubled in past 8 years

WASHINGTON –As European leaders face a Sunday deadline for settling the Greek debt crisis, U.S. Rep. Vern Buchanan warned that the episode should serve as a wake-up call for the United States as it deals with its own mounting debt.

“What is happening in Greece today could very well become the fate of America if we do not take serious steps to control spending,” Buchanan said, noting the U.S. national debt has doubled from $9 trillion in 2007 to $18 trillion today.

“It’s a wake-up call we should not ignore,” Buchanan said.

Buchanan explained that while Greece’s economy is much smaller than that of the United States, the U.S. could well be on track to become the next Greece if steps are not taken to balance the federal budget.

Greece’s debt burden currently exceeds 175 percent of its GDP.  The nonpartisan Congressional Budget Office recently estimated that America’s debt could reach that point within 25 years if Washington continues its reckless spending.  

“The recent events in Greece are a stark reminder that our national debt is a ticking time bomb threatening every American, young and old,” said Buchanan, a member of the House Budget Committee.

Greek voters recently rejected spending cuts and tax increases as a condition for another European bailout. It’s economic future is unclear.  European financial ministers and heads of state will meet this week to determine how to move forward.  Some question whether this crisis will result in Greece leaving the euro.

Buchanan, also a senior member of the House Ways & Means Committee, has been a longtime advocate for a Constitutional Balanced Budget Amendment to restrain federal spending and force Washington to live within its means.  In fact, the Balanced Budget Amendment was the very first measure he introduced as a member of Congress.

Recently, Buchanan raised his concerns about the looming debt crisis at a House Budget Committee hearing and in an op-ed for Fox News.