Idaho Congressman Mike Simpson, a member of the House Budget Committee, today questioned Federal Reserve Chairman Ben Bernanke on the economy, the national debt, and the budget.  The hearing occurred the day after a report from the Treasury Department was released stating that the U.S. debt will top $13.6 trillion this year and reach an estimated $19.6 trillion by 2015.

“My main take-away from this hearing is that Chairman Bernanke, our nation’s top banker, feels that Congress' inability to address the national debt or to pass a budget will have a negative effect on the economy,” said Simpson. He added, “The American people are demanding a plan to address the national debt and pass a responsible budget.  Democratic leadership and the Administration must present a plan, or in the very least, allow the Republicans to put theirs forward.”

It is looking more and more likely that for the first time since the modern budgeting system was created in 1974, the House of Representatives will not consider a federal Budget. This is happening while people across the country remain unemployed, our national debt continues to grow, and government spending skyrockets.

“We all agree that the federal budget is on an unsustainable path,” said Simpson. “More spending and artificial stimulation of the economy is not the answer. Instead, Congress can develop both short and long term solutions to the debt problem, which will inspire more confidence in the markets, and help turn the economy around.”