[Congressional Record Volume 153, Number 140 (Thursday, September 20, 2007)]
[Senate]
[Pages S11777-S11778]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               DEBT LIMIT

  Mr. COBURN. Mr. President, I want to spend a few minutes talking 
about something that will come up in the next week or 10 days. That is 
an extension and expansion of the debt limit. An attempt will be made 
to do this by unanimous consent. That is wrong. Every Member of the 
Senate ought to be on record on whether we ought to expand again the 
amount of borrowing we are going to place on the backs of our children 
and grandchildren. The current statutory debt limit is $8.965 trillion. 
It was last raised March 20, 2006. This Senator voted against that. We 
have been on notice since that time that we needed to make the effort 
to rein in wasteful Washington spending so that we do not have to, in 
fact, borrow more money against our children's future. Only 10 years 
ago it was $5.95 billion. We have increased the debt in the last 10 
years by 50 percent.
  What does that mean? Individually, that means $30,000 for every man, 
woman, and child. But the important aspect is not just what we owe now 
but what the unfunded liabilities are for the future which are in 
excess of $70 trillion. What does that mean if you are born today? That 
means if you are born today, you will be inheriting at the moment of 
your birth liabilities of

[[Page S11778]]

over $400,000. How in the world can our children have an education, a 
great job, own a home, and give their children the things we have 
benefited from by being born owing $400,000?
  It is time for things to come to a stop or to markedly change. This 
last week the Senate once again failed to make tough decisions about 
priorities. We chose to fund pork projects instead of repairing 
bridges. We said peace gardens, bike paths, and baseball stadiums are 
more important than critical infrastructure. Yesterday a new poll was 
released. Rightly so, it reflected less than 11 percent of Americans 
have confidence in this body. It is no wonder. Our priorities are 
wrong.

  Congress for years has raided the Social Security and Medicare trust 
funds to hide the true size of the annual budget deficit. This practice 
has undermined the solvency of the programs and threatens both the 
retirement security of today's workers and the economic opportunities 
and future of our children and grandchildren. It is irresponsible to 
simply raise the debt limit while at the same time creating or 
expanding Federal programs that will result in additional borrowing 
from Social Security trust funds and not accepting the responsibility 
to make hard choices about what are our priorities. Congress has 
repeatedly demonstrated that it is unwilling to prioritize spending. 
This year multiple times the Senate has rejected amendments to cut 
spending while authorizing billions and billions of dollars in new 
spending. The Senate this year twice has rejected amendments stating 
that Congress has a moral obligation to offset the cost of new 
Government spending by getting rid of the waste, fraud, abuse, and 
duplication in current Federal programs.
  American families don't have the luxury Congress has. They can't get 
a new loan or new credit cards after they have maxed out their 
capability to borrow. Yet instead, every day in this body we do 
essentially that.
  The moral question is, why should we be proud of stealing from our 
children? There isn't a greater moral question before this country 
today than whether we are going to steal opportunity and freedom from 
the next generation.
  I am putting the Senate on notice that I will not agree to a UC on 
the debt limit extension without a debate and full vote by each Member 
of this body on that debt limit and a recommitment to do what is right 
for the future.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. VITTER. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  Mr. VITTER. Mr. President, I will speak in morning business for up to 
10 minutes.
  The ACTING PRESIDENT pro tempore. The Senator is recognized.

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