What's Another $2.4 Trillion? By Rand Paul | on
6.22.11 @ 6:10AM
Our national debt currently hovers at $14,352,045,270,245.76.
Yet instead of working to decrease this exorbitant sum,
many of my congressional colleagues are suggesting we raise
our debt limit, inevitably encouraging the accumulation
of more debt and borrowing that money on the backs of our
children and grandchildren. Clearly, our government's approach
to spending is completely out of control, and as citizens
it is our responsibility to hold it accountable. The government
does not need more money -- in fact, we need to give it
less, and ensure that the borrowing does not continue.
In a recent letter to Congress, U.S. Treasury Secretary
Timothy Geithner made bold statements and declared that
our country would see "catastrophic economic consequences
that would last for decades" if we did not vote to
raise the debt ceiling. This behavior is unacceptable; if
we continuously raise the debt ceiling we will suffer even
worse consequences, and we may never recover. Future generations
of Americans don't deserve the consequences of the poor
decisions being made in Washington these days.
It is time for Congress to work together, and yes, to fiscally
compromise for the sake of our nation. But raising taxes
is not the compromise I have in mind -- the compromise should
be about where and what we cut. Conservatives will have
to compromise by decreasing military spending, and liberals
will have to compromise by cutting social programs. We have
too much on our plate, and this current over-reaching government
spending policy is what has put America in debt to begin
with.
While our nation is reeling toward a major fiscal crisis,
Senate Democrat leadership is doing nothing to fix the problem.
Fed up with their inaction, last week I jumpstarted the
debate on this issue by bringing an amendment to the Senate
floor proposing an increase to the debt limit by $2.4 trillion.
This increase is free of any spending conditions or regulations.
I plan to vote no on my proposed amendment. This bill would
most certainly fail to pass, however by proposing this bill
I am attempting to begin the debate. It appears as if Senate
legislators are planning to wait until the last minute before
debating the debt ceiling, in an attempt to be in "crisis"
mode and force the Senate to act irresponsibly yet again.
This is not a topic that should be placed on the backburner.
My proposed amendment to raise the debt ceiling will fail,
thus illustrating to the Administration and Senate Democrats
that the debt ceiling cannot be raised absent an iron-clad
rule for budgetary restraint and spending regulations.
In a recent Reuters/Ipsos poll, 71 percent of Americans
said they were opposed to raising the debt ceiling. The
American people are tired of the on-going fiscal mayhem,
and it is time that legislators propose serious and realistic
solutions.
Our government has invested in a pay-as-you-go system,
which was broken 700 times in the late '90s and the early
part of this century. We need a new plan, with real restraints,
plus immediate cuts. That is why I have joined fellow Members
of Congress and thousands of Americans in signing the Cut,
Cap and Balance Pledge. This pledge calls upon Congress
to make substantial cuts in spending that will reduce the
deficit next year and thereafter, enforce spending caps
that will put federal spending on a path to a balanced budget
and pass a balanced budget amendment to the U.S. Constitution.
In order to truly rein in the debt, we must pass a balanced
budget amendment. This amendment would implement a much-needed
iron-clad rule that would require a balanced federal budget.
I believe a balanced budget is the most practical method
for maintaining fiscal responsibility.
With the proposed balanced budget amendment, the federal
government would be required by law to balance the budget,
prohibiting any expenditure that exceeds the set budget
restraints. As I have stated before, I believe that bold
actions must be taken in order to defeat our mounting national
debt and balance the budget. If you believe that America
is headed for demise due to fiscal irresponsibility, I urge
you to visit the Cut, Cap and Balance website and sign the
pledge. We must make cuts and rein in spending, and I will
do all I can to lead our country down a road of fiscal responsibility.