FOR IMMEDIATE RELEASE: July 25, 2011
CONTACT: Genevieve Frye Rozansky
So Just How Broke Are We?
Washington, D.C. – Republican Congressman Jeff Flake, who represents Arizona’s Sixth District, today illustrated the size and scope of the growing national debt.
This morning, National Football League Commissioner Roger Goodell announced an end to the four-and-a-half-month lockout after the players’ association and the NFL came to a compromise on a 10-year collective bargaining agreement.
The U.S. is so broke that even with the NFL’s $9.3 billion in annual revenue, it would take 1,548 years of turning it over to the U.S. Treasury before the debt would be eradicated.
“With this amount of debt, we need a lockout on federal spending,” said Flake.
Along with Senators McCain and Rubio, Congressman Flake introduced H.R. 634, the Debt Buy-Down Act, which allows taxpayers to designate up to 10 percent of their federal income tax liability to reduce the national debt. The bill then requires Congress to reduce federal spending by that amount. More information on the Debt Buy-Down Act can be found here.
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