[Congressional Record Volume 157, Number 100 (Thursday, July 7, 2011)]
[House]
[Page H4680]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         DEBT CEILING SOLUTIONS

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Texas (Mr. Olson) for 5 minutes.
  Mr. OLSON. Mr. Speaker, Congress has a very important decision to 
make very soon on whether or not to increase the national debt ceiling. 
Today, our national debt limit is a staggering $14.3 trillion, and the 
President is seeking a $2.2 trillion increase in our debt limit. An 
increase to our Nation's debt ceiling that is not accompanied by equal 
or larger spending reductions would be reckless and arrogant.
  Speaker Boehner was right when he said, ``It's true that allowing 
America to default would be irresponsible, but it would be more 
irresponsible to raise the debt ceiling without simultaneously taking 
dramatic steps to reduce spending and reform the budget process.''
  This debate is a unique opportunity to achieve significant and 
serious spending reforms in Washington and to prove to the American 
people that their employees, the Members of the United States Congress, 
are listening to them.
  I believe this is our best chance for the foreseeable future to 
obtain substantial and credible long-term deficit reductions, to reform 
the way Washington spends taxpayer dollars, and save America from ruin.
  Elections matter. Last fall changed the debate here in Washington. We 
may not be cutting spending as fast as some of us prefer, and quite 
frankly, I have been frustrated by the pace. But the discussion has 
shifted to how much should we cut, not how much should we spend. This 
distinction is critical to getting our Nation's fiscal house in order 
and one that has been driven by conservatives in the House.
  House Republicans have developed a three-fold ``cut, cap and 
balance'' strategy that includes deep spending cuts, enforceable 
spending caps and a balanced budget amendment with strong protections 
against Federal tax increases. These proposals will ensure that the 
Federal Government adheres to the same parameters that families and 
businesses live with every single day.
  The time for irresponsible Federal spending is over. With each 
passing day, our Nation's fiscal problems only compound, leaving our 
children and grandchildren with a larger legacy of debt. My colleagues 
on the other side have advocated an increase to our debt with no 
strings attached. They continue to stand for business as usual right 
here in Washington, DC. But we cannot ignore the problem, nor can we 
simply tax our way out of this mess.
  Furthermore, in the event we fully reach the debt ceiling, we cannot 
trust the White House to prioritize our debt payments, nor can we trust 
the administration not to default on our obligations. The American 
people must remember that if we default on our debt, the executive 
branch would have full control over what programs get cut, not 
Congress.

                              {time}  1030

  Mr. Speaker, the only resolution to this problem is to secure 
trillions in spending cuts and put our Nation on a solid fiscal path to 
financial sanity, and ensure a strong and prosperous future for our 
children and our grandchildren.

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