[Congressional Record (Bound Edition), Volume 157 (2011), Part 3]
[Senate]
[Pages 3692-3694]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         FISCAL RESPONSIBILITY

  Mr. KIRK. Mr. President, We are borrowing over $5 billion per day.
  That's $35 billion borrowed per week to run our government, totaling 
over $1.5 trillion in borrowed money just to run for a year.
  Harvard's great economic historian, Niall Ferguson, noted that the 
decline of a country can be marked when it pays its moneylenders more 
than its army. His classic case comes from the French monarchy of the 
1780s who failed to make interest payments on their debt, causing the 
financial collapse that triggered the Revolution. Recently, Carmen 
Reinhard and Kenneth Rogoff wrote a brilliant book called ``This Time 
is Different, Eight Centuries of Financial Folly.'' Their vast study 
revealed that most government officials believe they are always unique 
and different, causing them to make the same mistakes that crippled 
past nations and empires.
  Using Ferguson's tipping point, where are we today?
  This year, the total cost of maintaining our army will equal $137 
billion. This same year, we will pay $225 billion in interest to our 
money lenders for the use of $14 trillion borrowed from China, Japan 
and elsewhere. The startling conclusion is that we have already passed 
Ferguson's tipping point by paying America's money lenders more than 
our own Army.
  It gets worse.
  In just 6 years, the administration says that we will have to pay 
over $661 billion to our money lenders for interest on our rapidly 
expanding debt. With the expected cost of our Army at $195 billion, our 
Air Force at $201 billion and our Navy/Marines at $217 billion, the 
total cost of $613 billion to provide for our common defense will be 
smaller than the $661 billion due to the money lenders. In simple 
economic terms, we will be forced to pay our lenders their interest 
money first, before caring for our own safety, or risk seeing the value 
of the dollars in our own wallets disappear.
  Remember, these numbers are optimistic. They assume no severe spike 
in interest costs and no other war.
  Recently, the Senate agonized over a short-term, 2-week spending bill 
that made a $4 billion cut to spending. We should see that bill's cuts 
as modest knowing that we already pay $616 million daily in interest 
and over $4 billion per week. In sum, the cuts of the 2-week bill saved 
just 1 week of interest payments.
  As dire as this situation is, there is a bright side. Our country has 
seen this movie before. Washington, Lincoln and Roosevelt all 
accumulated economy-crushing debts as the fate of the United States 
hung in the balance. Our best example of what to do next comes from our 
own grandparents, rightly called the ``Greatest Generation.''
  Tom Brokaw coined the title for Americans of the 1930s and 1940s who 
defeated the Depression, Japanese and Nazis simultaneously. I would add 
a fourth, largely unnoticed victory that Brokaw missed. After three 
great victories for freedom, our grandparents spent the next 20 years 
paying the debts incurred to win the contests of the Depression, 
Pacific and Europe. Their accumulated debts of 1946 totaled over 120 
percent of our national income. Economists report that between economic 
growth and some inflation, the Greatest Generation reduced the 
crippling World War II debts that secured our victory during the late 
1940s and 1950s. The return to more fiscally responsible government 
sparked an economic boom that built the super power called the United 
States of America.
  The lesson of history is clear. Each generation of Americans faces 
conflict, war and debt. Each generation is tested. The looming debt 
crisis facing this government is our generation's test. While some 
government officials and bankers may still counsel ineffective action 
saying ``we owe this money to ourselves'' or ``because the dollar is 
the reserve currency, we can owe this amount,'' we know that the crisis 
we face is not that different from the ones that crippled other 
nations. With spending cuts and discipline we can master this danger, 
as our grandparents did. The need to do the hard things, like 
entitlement reform, is similar to the dramatic moves our grandparents 
made to secure our future.
  But there is one difference between us and other nations. From the 
dawn of our revolution, the United States became the greatest force for 
human liberty and individual dignity ever known. The U.S. ended 
slavery, gave women the right to vote and spread freedom across Europe, 
Latin America and Asia. We are now challenged by 21st century world 
views in the Middle East and China that do not hold the western value 
of the individual as high as we do. It is therefore doubly important to 
do the work needed to reduce spending and balance the books so that we 
restore the vitality of a free people and their cause of expanding 
liberty and individual dignity.
  Next time you talk to a member of the Greatest Generation, do not 
just say thank you. Ask them for advice on how to trim budgets and 
restore growth in the face of extraordinary debts, just as they did.
  I yield the floor and I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. VITTER. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. VITTER. Mr. President, I too take the floor of the Senate to urge 
all of us, Democrats and Republicans alike, to focus on the single 
biggest domestic threat to our country, our single greatest challenge 
in the eyes of every Louisianan and every American I know, and that is 
to stop this runaway spending and debt.
  Americans all around the country, certainly Louisianans all around my 
State, understand this is a grave threat to our economic future. It is 
not some vague threat to generations two and three away from us. This 
is an immediate threat because the path of spending and debt we are on 
is completely unsustainable.
  For example, we must come together in a bipartisan way. We must act. 
We must solve this real and pressing problem before it is an immediate 
crisis.

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We should clearly do that well before any need for an increase in the 
debt limit arises, well before this Congress reaches a crisis 
atmosphere over the need for an increase in the debt limit.
  For all of these reasons, I have joined with many of my colleagues. I 
sent the majority leader a letter today. First, let me thank my 
colleagues who joined me on the letter: Senators Sessions, Rubio, 
DeMint, Paul, Lee, Toomey, and Ensign. The letter is very simple and 
straightforward. It says this is the greatest challenge we face. It 
says because of that, we need to face it. We need to debate and talk 
about it and act. We need to start doing that now, well before any 
significant deadline like when the debt limit may have to be increased.
  The letter says: Mr. Leader, we are going to oppose moving to any 
other bill that doesn't directly address this crisis when we need to 
act on this grave threat.
  Let me read relevant portions that go right to the point:

       Dear Leader Reid:
       Yesterday, the Senate voted on two proposals to fund the 
     government for the rest of the fiscal year. This debate gave 
     only a limited (three hours) opportunity to debate what many 
     Americans believe is the issue of our time--cutting 
     government spending and dramatically reducing our national 
     debt. Additionally, no member of the Senate was permitted to 
     offer amendments under the structured process, which in our 
     opinion prevents a full, open, and robust debate.
       With our national debt poised to reach its $14.3 trillion 
     limit in the very near future, taxpayers expect Congress to 
     work together to reduce wasteful and unnecessary spending and 
     be more vigilant about how we spend public funds. The 
     American people want Congress to deal with the tough issues 
     of cutting spending, and almost every member of the Senate 
     has agreed that we must address our fiscal situation 
     immediately.
       While there are certainly many issues that warrant the 
     Senate's consideration, we feel that the Senate must not 
     debate and consider bills at this time that do not 
     affirmatively cut spending, directly address structural 
     budget reforms, reduce government's role in the economy so 
     businesses can create jobs, or directly address this current 
     financial crisis.
       The American people resoundingly rejected the way the 
     Senate waited until Christmas Eve as a mechanism to force 
     hurried debate on President Obama's massive health care 
     legislation. Voting to proceed to another legislative measure 
     effectively runs away from the central issues of spending and 
     debt and repeats that flawed process.
       We, therefore, are notifying you of our intention to object 
     to the consideration of any legislation that fails to 
     directly address this crisis in a meaningful way. Our 
     objections would be withheld if the Senate agrees to dedicate 
     significant floor time to debate this issue well in advance 
     of the federal government reaching our statutorily mandated 
     debt limit.

  It is signed ``Sincerely'' from both myself and Senators Sessions, 
Rubio, DeMint, Paul, Lee, Toomey, and Ensign, to the majority leader.
  The statement is clear. This is a crisis. We need to act before we 
reach the statutory debt limit. So what are we waiting for? Let's act 
now. Let's not move to other cats and dogs bills that may be positive 
legislation but can certainly wait. Let's move to the people's 
business. Let's move to the absolute top challenge we face 
domestically. Let's come together and debate, vote on, and hopefully 
begin to solve this problem of unsustainable spending and debt.
  To do that we also need leadership, ideas, suggestions. I believe we 
have provided that on this side of the aisle, and we would welcome 
ideas, suggestions, and concrete proposals from all Members.
  Let me list the more than two dozen pieces of legislation that go 
directly to this issue:
  S. 14, by Senator Ensign, establishes a commission on congressional 
budgetary accountability and review of Federal agencies.
  S. 81 is an Isakson bill to direct unused appropriations for Senate 
official personnel and office expenses to be deposited in the Treasury 
and actually used to reduce the Federal debt.
  S. 102 is a McCain bill which requires OMB to transmit to Congress a 
message with specified information requesting any recession the 
President proposes under the procedures instituted under that act.
  S. 162 is a Paul bill to cut $500 billion in Federal spending from 
fiscal year 2011.
  S. 163, by Senator Toomey, is the Full Faith and Credit Act to 
prioritize principle and interest payments when and if the debt limit 
is reached.
  S. 178, by Senator DeMint, reduces Federal spending by $2.5 trillion 
through fiscal year 2021.
  S. 245 is a Corker bill, the CAP Act, to create a discretionary 
spending cap for Congress.
  S. 259 is my bill to prioritize Social Security payments if and when 
the debt limit is reached.
  S. 360, by Senator Inhofe, creates a point of order to exceed 
nonsecurity discretionary limits and to create spending limits for 
fiscal years 2017 to 2021.
  S. 389, by Senator Kirk--and Senator Hatch has a similar bill--
establishes a commission to review cost control.
  S. 391, by Senator Moran, rescinds all unobligated balances of 
President Obama's stimulus bill.
  S.J. Res. 3, by Senator Hatch, is a balanced budget amendment.
  S.J. Res. 4, by Senator Shelby, is on the same topic.
  And S.J. Res. 5, by Senator Lee, is on the same topic.
  This is a long list, but it is certainly not exhaustive. I have read 
a partial list to make the point. We are coming up with ideas, 
proposals, and solutions. We encourage every Senator of both parties to 
come up with ideas, proposals, and solutions. Let's actually talk about 
the greatest threat we face. Let's talk about it now. Let's debate it 
now. Let's exchange ideas in a positive atmosphere now, well before we 
reach any crisis atmosphere over the debt limit.
  I respectfully urge the distinguished majority leader, Senator Reid, 
to heed our call to arms, to read our letter and react by creating an 
identified time on the Senate floor, well before we reach the statutory 
debt limit, to debate and pass solutions on this crucial topic.
  I don't believe there is debate that this isn't the greatest 
challenge we face, that this isn't the greatest economic threat we 
face. Quite simply, what are we waiting for? We need time to bring 
forth these ideas and exchange them and debate them and act. We need 
time to do this well before the statutory debt limit is reached. We 
need to do the people's business in a reasonable way, in a sober 
atmosphere, not in an atmosphere of hysteria or threats when the debt 
limit would be reached in a matter of days.
  I urge all colleagues to join us in this effort, to come to the floor 
with their ideas, their proposals. Let's do the people's business.
  I ask unanimous consent that a partial list of Republican solutions 
and proposals be printed in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

       S. 14--an Ensign bill to establish the Commission on 
     Congressional Budgetary Accountability and Review of Federal 
     Agencies. Directs the President to designate two Commission 
     co-chairpersons.
       S. 81--an Isakson bill to direct unused appropriations for 
     Senate Official Personnel and Office Expense Accounts to be 
     deposited in the Treasury and used for deficit reduction or 
     to reduce the Federal debt.
       S. 102--a McCain bill which requires OMB to transmit to 
     Congress a message with specified information requesting any 
     recission the President proposes under the procedures 
     established in this Act.
       S. 162--a Paul bill to cut $500 billion in federal spending 
     from FY 2011.
       S. 163--Toomey's Full Faith and Credit Act to prioritize 
     principle and interest payments when the debt limit is 
     reached.
       S. 178--DeMint bill to reduce federal spending by $2.5 
     trillion through 2021.
       S. 245--Corker's CAP act to create a discretionary spending 
     cap on Congress.
       S. 259--Vitter bill to prioritize Social Security payments 
     when the debt limit is reached.
       S. 360--Inhofe bill to create a point of order to exceed 
     non-security discretionary limits; also creates spending 
     limits for FY 2017-2021.
       S. 389--Kirk and Hatch bill to establish a commission which 
     will conduct a review of cost control in the federal 
     government every two years with respect to improving 
     management and reducing costs. Directs the Commission to 
     conduct in-depth studies to evaluate potential improvements 
     in the operations of executive agencies and to develop 
     recommendations regarding: (1) opportunities for increased 
     efficiency and reduced costs that can be realized by 
     executive action or legislation, (2) areas where managerial 
     accountability can be enhanced and administrative control can 
     be improved, (3) opportunities for managerial improvements

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     over the short and long terms, (4) specific areas where 
     further study can be justified by potential savings, and (5) 
     ways to reduce governmental expenditures and indebtedness and 
     improve personnel management.
       S. 391--Moran bill which rescinds all unobligated balances 
     of the Obama stimulus bill.
       S.J. Res. 3--Hatch's balanced budget amendment.
       S.J. Res. 4--Shelby balanced budget amendment.
       S.J. Res. 5--Lee balanced budget amendment.

  Mr. VITTER. I yield the floor.
  The PRESIDING OFFICER. The Senator from Texas.

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