Debt Limit, Debt and Deficit Reduction Debacle Continues...
One week later and two days before the U.S. Treasury Department’s arbitrary August 2 deadline, the debt limit, debt and deficit reduction debacle continues. The rapidly expanding national debt that has reached a historic level because of budgetary irresponsibility has placed our country’s fiscal situation in stark reality. Like most Americans, I am extremely troubled by our debt crisis. We must take actions to get our federal spending under control, reduce the size of government, and restore our budget to balance.
Throughout the negotiations to raise the debt limit, we have heard repeated calls from Administration officials warning of the dire consequences of not raising the debt limit. Let me be clear, no one believes it is prudent to allow a default on our debt; however, it is also true that failing to take serious action to reduce deficit spending and pay down our national debt poses a serious threat to our nation’s prosperity.
We have heard repeated calls from the President to adopt a balanced approach to raising the debt limit. The President’s balanced approach hinges on the false belief that raising taxes will get us out of this swamp of debt. I agree that we can work together to simplify our tax code and encourage businesses to invest in domestic job creation; however, I do not believe that raising taxes is the way to do this.
Americans across the country are upset at our astounding debt. They should be upset. Republicans in the House have repeatedly shown that we are serious about working to reduce federal spending in a bipartisan manner. On July 15, we passed the Cut, Cap, and Balance Act with bipartisan support. I still believe this is the most sensible solution to our fiscal crisis and the best shot at changing Washington as we know it. However, the administration and my colleagues on the other side of the aisle have shown that they are not serious about cutting the debt and want to continue down a reckless path with their policies of tax, spend and borrow.
On Friday, Republicans passed the Budget Control Act of 2011. This bill represents another solution to our current debt debate and demonstrated, yet again, that we are serious about reining in the spending. House Speaker John Boehner’s plan would raise the debt limit by up to $900 billion, with an immediate increase of no more than $400 billion, while saving our taxpayers $917 billion. The bill cuts the FY2012 budget deficit by $22 billion, holds spending below FY2010 levels until FY2016, and paves the way for additional cuts. Under this legislation, taxes are not increased on America’s job creators and families, and both the House and Senate are required to vote on a balanced budget amendment to the Constitution, which would solidify fiscal responsibility in the Constitution.
While the cuts in Speaker Boehner’s bill are not as deep as those in the Cut, Cap, and Balance Act, I voted for this bill because it is a step in the right direction in changing the tax, spend and borrow culture that has plagued Washington, D.C. One week prior to voting on this bill, House leaders negotiated with the bipartisan leadership in the Senate in a good faith attempt to find a solution to the current crisis that could pass both the House and Senate. Senate Democrats, however, removed their support from this bill and walked away from the effort to forge ahead with their own bill.
On Friday, after refusing to even debate the Budget Control Act of 2011, Senate Minority Leader Mitch McConnell told Senate Majority Leader Harry Reid on the Senate floor that Republicans would be happy to vote that very night on Senator Reid’s Plan. Astoundingly, however, Senator Reid refused to hold a vote on his own bill. Saturday, Senator McConnell asked Senator Reid, once again, to hold a vote on Senator Reid’s own bill to raise the debt limit, and Senator Reid once again refused. With the Senate unwilling to take up Senator Reid’s own plan, the House of Representatives took his measure up Saturday to demonstrate our willingness to consider multiple proposals, and I joined my colleagues in voting this flawed plan down.
Senator Reid’s plan is faulty for various reasons. It increases the debt limit by more than it cuts. In fact, in return for an unprecedented $2.4 trillion increase in the debt limit, this bill reduces spending by less than $1 trillion over the next ten years, as most of the supposed $2.2 trillion in savings comes from reductions in war-related spending that are already scheduled to occur. This bill fundamentally failed to even began to tackle the underlying problems behind our debt.
Throughout my time in Congress, I have consistently stood up for fiscal responsibility and a limited federal government. As the debt limit, debt and deficit reduction debacle continues, I will continue to uphold these fundamental conservative principles as we move forward and finally address Washington’s spending problem.
If Senate Democrats are serious about solving this problem to meet their own, self-imposed deadline, they have two House passed bills on the table, which make real cuts and control spending, waiting to be sent to the President and signed into law. Reaching the federal debt limit represents a failure in leadership, and the time has come for Congress to get serious about our federal debt and the serious issues that it poses to our long term prosperity.