Mr. JONES of North Carolina. Mr. Speaker, last night I spoke on the floor about my concern that allied countries have only paid $2.5 billion of the $15.8 billion they pledged to help rebuild Iraq. While many of Iraq's oil-rich neighbors are not making good on their promises, the United States has already spent $29 billion to help rebuild Iraq, and Congress has approved an additional $16.5 billion.

Unlike the United States, which is borrowing money from foreign governments to pay its bills, many of Iraq's neighbors are running record surpluses. While oil is at a record high of nearly $104 a barrel, American taxpayers are facing prices of more than $3 at the pump. Last night on the floor, I heard Congresswoman Marcy Kaptur talk about the possibility of gas going to $4 a gallon. And Congressman Todd Tiahrt spoke about the Air Force's recent decision to award a multibillion contract for a new tanker aircraft to a foreign firm. He made the point that our government is putting the United States at an economic disadvantage by awarding contracts for a French tanker built by Europeans rather than an American tanker built by an American company with American workers.

Mr. Speaker, all of these issues tie into my concern over America's economic future. Our national debt is growing by $1.4 billion a day and nearly $1 million by the minute. The total current debt is more than $9 trillion, which means almost $30,000 in debt for each man, woman, child, and infant in the United States. And as our debt climbs, we are borrowing money from foreign governments to pay our bills.

It is obvious that our current fiscal policies are not sustainable. On February 26, 2008, during a hearing of the Financial Services Committee, I had an opportunity to question a panel of top economists about when our country's current financial practices will get beyond a point of no return. Dr. Mark Zandi, chief economist for Moody's Economy.com, responded that this point of no return will come ``once we get into the next President's term.'' He continued to say that if we're not successful in addressing the economic questions currently facing our Nation, ``we've got a significant problem.''

I've read a lot of history books, and most recently I read Pat Buchanan's book ``Day of Reckoning.'' I agree with his assessment that ``no world power has long survived the levels of debt and dependency America is incurring.''

If America does not get its priorities straight and get a handle on its spending, we will not be able to survive as a great Nation.

Mr. Speaker, because it is urgent that we turn our economic situation around, I hope that the Congress and the next President will take this issue seriously. Out of fairness to the American taxpayers and future generations, we can no longer delay the need to pay down our debt and work towards sounder economic policies.

With that, Mr. Speaker, I will ask God to continue to bless our men and women in uniform and ask God to please bless their families and ask God to please continue to bless America.