[Congressional Record Volume 148, Number 69 (Friday, May 24, 2002)]
[Extensions of Remarks]
[Page E900]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   RAISING THE DEBT WITHOUT A DEBATE

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                         HON. MICHAEL M. HONDA

                             of california

                    in the house of representatives

                        Wednesday, May 22, 2002

  Mr. HONDA. Mr. Speaker, due to their poor economic planning, today 
Republicans are attempting to, increase the amount the Federal 
government can borrow--not through a direct, democratic vote--but by 
slipping it quietly into the Supplemental Appropriations bill. They're 
not specifying how much they want, they're not telling us how they plan 
to spend it, and most importantly, they're not telling us how they plan 
to pay it back.
  Every Member in this body knows that an increase in the debt limit 
has a monumental impact on our economy. However, under this Republican 
procedure, there is no chance to debate or offer alternatives to one of 
the most important decisions made by this Congress, The state of our 
economy affects the lives of all American families and businesses, not 
just today, but especially in future years as the Baby Boomers begin to 
retire. However, what we know today is that the federal government is 
in a deficit, and $4 trillion of the surplus has disappeared in one-
year--the largest fiscal reversal in our nation's history.
  Mr. Speaker, before approving a substantial increase in our borrowing 
authority, Congress has an obligation to review our long-term budget 
policies in light of the dramatic reversal in our nation's fiscal 
condition. We should not, as the Republicans are proposing today, 
blindly pile debt onto future generations. It is fiscally 
irresponsible.

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