[Congressional Record Volume 156, Number 25 (Thursday, February 25, 2010)]
[Extensions of Remarks]
[Page E244]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    H.J. RES. 45--INCREASING THE STATUTORY LIMIT ON THE PUBLIC DEBT

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                          HON. GARY C. PETERS

                              of michigan

                    in the house of representatives

                      Thursday, February 25, 2010

  Mr. PETERS. Madam Speaker, there is no way I can in good conscience 
vote for an almost $2 trillion increase in the debt limit, without 
first exploring other alternatives. We need a plan for reducing 
spending in both the short and long term, and a workable path to 
balance our budget and shrink our national debt. For example, reducing 
the authorization for TARP, cutting wasteful agriculture subsidies to 
corporate factory farms and cracking down on offshore haven tax cheats 
could help reduce the debt while Congress works toward enacting a long 
term, bipartisan solution that will aggressively reduce our budget 
deficits.
   This year, Congress needs to cut spending and create a bipartisan 
debt commission, as well as enact a strong PAY-GO law that requires any 
new spending programs be offset elsewhere in the budget. We must find a 
way to control budget deficits or another debt increase will likely be 
inevitable. That's the responsible strategy for generating surpluses 
like we enjoyed in the 1990s.
   Last week, the Senate had a genuine opportunity to take on our 
national debt in a bipartisan manner as proposed by Senators Gregg and 
Conrad. Their proposal, which was supported by a majority of the Senate 
including moderate Democrats and Republicans but unfortunately killed 
by a stubborn minority, would have created a bipartisan commission that 
would craft fiscal reforms that Congress would then have to vote on as 
a single package.
   I am voting to reject the Senate's almost $2 trillion debt increase. 
Any debt increase that Congress considers going forward should include 
a plan for long term debt reduction, such as Senator Gregg's debt 
commission.

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