Natalie Gonnella
Earlier this month Senate Minority Leader Mitch McConnell commented in an interview on Fox News Sunday that if "credible" reforms are not pursued to address America's out-of-control spending, GOP Senators would oppose any request by President Obama to increase the federal debt limit:
We're just not going to bring up the debt ceiling and everybody say all right. It's going to have to carry something with it that the markets, foreign countries, the American people believe is a credible effort to begin to get a handle on spending and debt...My prediction is not a single one of the 47 Republicans will vote to raise the debt ceiling unless it includes with it some credible effort to do something about our debt. ... I don't believe Senate Republicans are going to vote to raise the debt ceiling. The Democrats can raise it themselves if they choose to and try to do nothing whatsoever about the problem
Republican freshmen have been among the most vocal supporters of this view, and over the past few months have strongly urged their congressional counterparts to consider proposals like a balanced budget amendment to address the country's overwhelming and ever growing debt.
Here's a look at what a few of the Senate's newest Republicans had to say about why they will not be voting for an increase to the debt ceiling:
Senator Jerry Moran in a letter to President Obama said:
In February 2010, you created the bipartisan National Commission on Fiscal Responsibility and Reform to make recommendations on how best to address our fiscal situation in the short and long term...The Commission’s work marked an important first step on the path forward, but none of their recommendations to improve the fiscal outlook were included in your FY2012 budget proposal. Your administration has also been notably absent from important budget discussions in Congress over the past few months.
Americans are looking for leadership in Washington to confront the problems of today, not push them off on future generations...To date, you have provided little or no leadership on what I believe to be the most important issue facing our nation – our national debt. With no indication that your willingness to lead will change, I want to inform you I will vote ‘no’ on your request to raise the debt ceiling.
In an op-ed via the Wall Street Journal, Senator Marco Rubio explained his view:
"Raising America's debt limit is a sign of leadership failure." So said then-Sen. Obama in 2006, when he voted against raising the debt ceiling by less than $800 billion to a new limit of $8.965 trillion. As America's debt now approaches its current $14.29 trillion limit, we are witnessing leadership failure of epic proportions. I will vote to defeat an increase in the debt limit unless it is the last one we ever authorize and is accompanied by a plan for fundamental tax reform, an overhaul of our regulatory structure, a cut to discretionary spending, a balanced-budget amendment, and reforms to save Social Security, Medicare and Medicaid...Whether they admit it or not, everyone in Washington knows how to solve these problems. What is missing is the political will to do it. I ran for the U.S. Senate because I want my children to inherit what I inherited: the greatest nation in human history. It's not too late. The 21st century can also be the American Century. Our people are ready. Now it's time for their leaders to join them."
In a recent Q&A, Senator Pat Toomey commented that:
It's gonna take two things...Real cuts in spending now and structural process reform that allows us to stop continuing this problem, I gave those two examples of the kind of process reform that I think makes sense [in a speech to the Greater Lehigh Valley Chamber of Commerce]. A balanced budget amendment so the government lives within its means, statuatory spending caps so that we could immediately impose some limits on how much we spend. Those kinds of reforms I think would help us get on a path toward fiscal sustainability. And I could see voting for a debt limit increase if we had them in place. I'm not interested in voting for for a debt limit increase if we don't have them in place.
expect more politics going forward
Posted by: Reserve Currency | April 01, 2011 at 06:28 AM