[Congressional Record (Bound Edition), Volume 157 (2011), Part 7]
[Senate]
[Pages 10080-10081]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             FISCAL POLICY

  Mr. BOOZMAN. Mr. President, nearly every day we see scenes playing 
out in countries around the world where their

[[Page 10081]]

financial security is in ruins. This is the last thing we want to 
experience in our great country, and that is why we need to reform our 
fiscal policy and the way we have done business. There is too much at 
stake not to take action.
  The International Monetary Fund urged us to address our soaring 
budget deficits, and credit rating agencies Moody's and S&P may be 
forced to downgrade our government's AAA rating.
  So what is the majority doing to address this fiscal crisis? 
Absolutely nothing. It has been nearly 790 days without the majority in 
this Chamber proposing a budget, and it appears the majority isn't 
anxious to work on one. The majority-led Budget Committee has failed to 
meet this year to begin working on a resolution. We can't even have an 
open debate in this Chamber about the budget. Instead of voting to 
start the debate on budget measures last month, the majority squashed 
all proposals, including the President's own plan. This is failure to 
govern at the most basic level and the American people deserve better. 
We need a budget that puts us on the path to fiscal discipline.
  Every week we hear warnings of why this must be done. Last week the 
Congressional Budget Office issued the starkest warning yet of the 
danger posed by our spending problems. Our Nation's debt will exceed 
the size of the U.S. economy by 2021 and will double the size of our 
Nation's GDP within 25 years. This is not the way I want to leave this 
country for my kids, my grandkids, and the people of Arkansas.
  In his State of the Union Address, President Obama pushed for a 
conversation that will put us on the path to fiscal responsibility but, 
so far, he has been absent from the discussions. Only today, 36 days 
before the deadline given by Secretary Geithner to raise the legal 
limit on Federal borrowing, is he beginning to take leadership in 
negotiating for spending limitations.
  Our debt is slowing the economic recovery. The simple truth is higher 
debt leads to slower economic growth. We have seen this with the failed 
stimulus, but in the past week the Senate-led majority is once again 
proposing this flawed strategy. This failed policy of borrowing, 
spending, and taxing is just what the CBO is warning us to avoid. It 
hasn't worked in the past and it won't work in the future.
  What we need are debt reduction measures in the form of spending 
cuts. The CBO's last report shows that spending is the primary cause of 
our fiscal crisis and supports spending cuts rather than tax increases 
to reverse this trend. I urge President Obama to take tax hikes off the 
table. Let's get to work reining in the reckless spending and putting 
our Nation back on a fiscally responsible path.
  If American families ran their household budgets the way Washington 
runs its budget, the utilities would be shut off and the collection 
agencies would be knocking on their doors. The American people are now 
knocking on the doors of the Capitol demanding the government limit its 
spending.
  We must rein in our spending to protect programs such as Medicare, 
Medicaid, and Social Security for current recipients and for future 
generations. In order to achieve this, we must reform the manner in 
which we budget and allocate Federal dollars. We need a mechanism to 
cap spending and force the government to spend within its means.
  We must act now to move our country off the brink of financial 
collapse, and we must make tough decisions because that is what the 
American people deserve and expect of us.
  Mr. President, I note the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. KYL. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  Mr. KYL. Mr. President, I ask unanimous consent that I may speak for 
up to a half an hour in morning business.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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