[Congressional Record (Bound Edition), Volume 150 (2004), Part 19]
[Extensions of Remarks]
[Page 25752]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    INCREASING THE PUBLIC DEBT LIMIT

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                      Thursday, November 18, 2004

  Ms. McCOLLUM. Mr. Speaker, I rise today in strong opposition to S. 
2986, legislation to raise the debt limit by a total of $800 billion, 
to $8.18 trillion. This marks the third time in three years that 
Congress has been forced to vote to raise the debt limit and burden our 
children and grandchildren for decades to come, raising the debt limit 
by a total of $2.2 trillion since 2001.
  It is completely irresponsible to be voting to raise the debt limit 
today without taking additional measures to put our fiscal policy back 
on track and institute the common sense pay-as-you-go rules which were 
in effect from 1990 through 2002 requiring that both tax cuts and 
spending increases be paid for.
  Five tax cuts in four years, soaring defense spending on the war in 
Iraq, in addition to our stifled economy have turned the record 
surpluses inherited by President Bush into a record deficit of $413 
billion in the past fiscal year.
  Unfortunately, we are not considering a reform of our current fiscal 
policies today, allowing our national debt to continue to rise. As a 
result, the amount of interest on the national debt--the ``debt tax''--
that each American family will have to pay will climb to $9,400 by 
2014. America's growing debt will ensure that our taxes will go toward 
paying interest on our debt instead of keeping our nation safe and 
strong, strengthening Social Security, or improving education for our 
children.
  I will not vote to raise the debt limit by $800 billion today, and 
will only support an increase of the debt limit along with the 
reinstituted common sense fiscal policy reforms.

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