[Congressional Record Volume 169, Number 84 (Thursday, May 18, 2023)]
[Senate]
[Pages S1716-S1717]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Debt Ceiling

  Mr. THUNE. Mr. President, it may have taken a while, but it looks 
like

[[Page S1717]]

the White House may finally be coming to the debt ceiling negotiating 
table in a more serious way.
  The President has now appointed members of his staff to negotiate 
directly with Speaker McCarthy's team--a logical and overdue step since 
the passage of debt ceiling legislation depends on an agreement between 
the President and the Republican-controlled House of Representatives.
  I was also encouraged by the White House's statement after Tuesday's 
debt ceiling meeting, which noted that the President is ``optimistic 
that there is a path to a responsible, bipartisan budget agreement if 
both sides negotiate in good faith and recognize that neither side will 
get everything it wants.''
  ``[A]nd recognize that neither side will get everything it wants''--
that part is very important because previously the Democrats' and the 
President's position was that Democrats should get everything they want 
and that Republicans should get nothing--an extremely unrealistic 
position and one that suggested Democrats did not understand the nature 
of divided government.
  So I am grateful that the President seems to be taking a more 
realistic view of what is necessary for an agreement. It is unfortunate 
that it has taken the White House this long. Speaker McCarthy has been 
ready to negotiate for months, and the President should have engaged 
seriously months ago, but better late than never.
  I hope that over the next few days, the two sides will be able to 
swiftly reach an agreement. A good place to start would be with a good, 
long look at the policies in the House Republicans' Limit, Save, Grow 
Act, which pairs a debt ceiling increase with commonsense spending 
reforms, things like reclaiming unspent COVID money; modestly 
strengthening work requirements in Federal entitlement programs for 
able-bodied Americans--a move, I might add, supported by more than 60 
percent of the American public--in order to help individuals move from 
welfare to work; capping discretionary spending for next year at the 
fiscal year 2022 discretionary spending level--the same level we were 
successfully operating at mere months ago; repealing the green energy 
subsidies in the so-called Inflation Reduction Act, whose estimated 
cost has ballooned since the bill was passed; passing permitting 
reform--a bipartisan priority--to help get both conventional and green 
energy projects off the ground more quickly, which could help grow our 
economy; repealing the President's reckless student loan giveaway, 
which could otherwise end up costing American taxpayers close to $1 
trillion; and other commonsense measures.
  The provisions of the Limit, Save, Grow Act have been the subject of 
a lot of fearmongering from Democrats, who have been set against 
including any spending reforms as part of a debt ceiling package, but 
these are responsible ideas worthy of consideration as part of a debt 
ceiling agreement or, for that matter, in any other context.
  Our Nation has a massive national debt--$31 trillion and counting--
and a serious spending problem, and the Limit, Save, Grow Act is a 
reasonable and responsible attempt to get our Nation back on a more 
fiscally sustainable path, saving on the order of $4.5 trillion over 
the next 10 years.
  While, as the President pointed out, neither side will get everything 
it wants in negotiations, I hope ideas from the Limit, Save, Grow Act 
will make it into a final debt ceiling agreement.
  Despite the President's attempts to claim the mantle of fiscal 
responsibility, the truth is that spending under the Biden 
administration has reached staggering levels compared to prepandemic 
Federal budgets, and if we don't get spending under control, we are 
going to be facing some very serious economic consequences.
  So, as I said, I am pleased that the President seems to be taking 
negotiations a little more seriously. I hope he will not allow himself 
to be distracted by extreme members of his own party, like the 
individuals who are suggesting that the President attempt to raise the 
debt ceiling on his own, using a dubious interpretation of the 14th 
Amendment, if Democrats don't like the debt ceiling agreement.
  Debt ceiling increases have a long history of being paired with 
deficit reduction measures or other budgetary policy changes. In fact, 
7 of the last 10 debt ceiling increases have been accompanied by 
budgetary reforms and policy changes.
  It is time for all members of the Democratic Party to recognize what 
the President appears now to be recognizing, and that is that in 
divided government, both parties have to compromise to reach an 
agreement, so credit to the President for acknowledging this fact. I 
hope--I hope--that over the next few days, we will see a deal emerge 
that not only raises the debt ceiling but also puts us on a more 
sustainable fiscal path moving forward.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  The PRESIDING OFFICER (Mr. Lujan). The Senator from Indiana.
  Mr. YOUNG. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.