[Congressional Record Volume 169, Number 93 (Wednesday, May 31, 2023)]
[Senate]
[Pages S1814-S1815]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Debt Ceiling

  Mr. THUNE. Mr. President, we got some good news over the weekend with 
the announcement that the President

[[Page S1815]]

and Speaker McCarthy had reached an agreement on debt ceiling 
legislation. The bill they agreed on, the Fiscal Responsibility Act, 
will increase the debt ceiling and finally--finally--after 2 years of 
out-of-control spending, begin to rein in our Nation's budget.
  I am tremendously grateful to Speaker McCarthy and to House 
Republicans for their tireless work to make sure that any legislation 
to raise the debt ceiling was paired with meaningful spending reforms. 
The Fiscal Responsibility Act cuts discretionary spending next year and 
then limits discretionary spending increases to 1 percent each year 
over the subsequent 5 years. It claws back unspent COVID funds, repeals 
excess IRS spending, and ends the student loan repayment moratorium, 
which is currently costing taxpayers $5 billion a month.
  In fact, the bill rescinds more unobligated government money than any 
bill in American history. It also places into statute pay-go rules on 
the executive branch which would require government Agencies to 
accompany new spending proposals with proposals that would save 
taxpayer dollars.
  On top of all this, the Fiscal Responsibility Act makes a downpayment 
on permitting reform to help get energy projects off the ground more 
quickly, which will help encourage domestic energy production and drive 
down energy prices for American families. It also strengthens work 
requirements in Federal programs to help able-bodied Americans move 
from welfare to work.
  And while this legislation doesn't go as far as it should and as 
Speaker McCarthy wanted, when it comes to funding for needed military 
modernization and readiness, the bill does provide an increase in 
defense funding and avoids a continuing resolution, while leaving open 
the possibility of supplemental funding as needed. And it is worth 
noting that this is the first time in recent history we have increased 
defense spending while decreasing nondefense spending.
  Perhaps just as important as what is in the bill is what is not in 
the bill: tax increases. Speaker McCarthy and House Republicans held 
the line and ensured that the debt ceiling increase was not used as a 
vehicle to collect more taxpayer money, and they also ensured that the 
bill did not contain any new government programs.
  Now, is this a perfect bill? Does it have everything Republicans 
would like included to get our Nation's fiscal house in order? No, it 
doesn't. But perfect bills are rare, and they are even more rare in a 
time of divided government. This is a good bill and, thanks to the 
efforts of Speaker McCarthy, a better bill than we might have hoped 
for. Let's not forget that Democrats wanted to pass a debt ceiling 
increase without any spending reforms at all. This bill may not be 
perfect, but it makes a real start at getting spending under control.
  Now, our efforts can't end with this bill. Our national debt has 
already exceeded the size of our economy, and the interest on our debt 
is going to consume a greater and greater share of the Federal budget. 
On our current trajectory, within a few short years, we are going to be 
spending more just meeting the interest on our Nation's debt than we 
will on national defense. By 2044, we will be spending more on interest 
than on Medicare. And by 2050, we will be spending more on interest 
than on Social Security.
  Think about that for just a minute: more on interest than on Social 
Security. Social Security is the largest line item in our Nation's 
budget and consumes approximately one-fifth of total Federal spending 
each and every year. The very fact that our national debt is on track 
to grow to the point where we are paying more just on interest than on 
Social Security should be a wake-up call to lawmakers in both parties 
that spending reform has to be a top priority here in Washington.
  And let's be very clear: We have a spending problem, not a revenue 
problem. Tax revenues in 2022 reached a multidecade high of 19.6 
percent of our gross domestic product, which is well above the 
historical average. We are not suffering from a lack of revenue. 
Federal spending, however, has soared to unsustainable levels. The 
Federal budget for 2023 is up approximately 40 percent from 2019, the 
last budget before the pandemic--a 40-percent increase going back to 
2019. That is just not sustainable; it is not.
  And whatever Democrats may say, we are not going to be able to fund 
that kind of reckless spending by taxing better-off Americans. We just 
flat have to get spending under control.
  Now, any American who has ever found himself or herself mired in 
credit card debt knows that serious debt has serious consequences. Our 
national debt is already reducing the economic growth that we could 
otherwise achieve, and if our debt continues along its current 
trajectory, the consequences will be severe: diminished economic 
opportunities and growth and increasing difficulty meeting our 
government's most basic responsibilities, from national defense to 
Social Security and Medicare.
  The best thing that we can do for the future of our country and for 
hard-working American families is to get our Nation's spending under 
control. So I want to once again express my gratitude to Speaker 
McCarthy and House Republicans for ensuring that the debt limit 
increase that we will be voting on is matched with real spending 
reforms. They have achieved an important victory, and I hope that the 
Fiscal Responsibility Act will be just the first step in a larger 
campaign to get our Nation's fiscal house in order and ensure a better 
economic future for the American people.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. HEINRICH. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Hickenlooper). Without objection, it is so 
ordered.
  Mr. HEINRICH. Mr. President, I ask unanimous consent to put us in 
recess.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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