[Congressional Record (Bound Edition), Volume 157 (2011), Part 8]
[House]
[Page 10570]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    THE VOTE TO INCREASE DEBT LIMIT

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Florida (Mr. Stearns) for 5 minutes.
  Mr. STEARNS. Mr. Speaker, today the United States Government owes 
close to $14.3 trillion. It's estimated by the Congressional Budget 
Office that by the year 2021, the government will spend 100 percent of 
every dollar raised in revenue on entitlements. And yet we are being 
asked to raise the debt limit to $16.3 trillion. That's a $2 trillion 
increase, or 14 percent increase. In 2010, our national GDP was $14.6 
trillion. Raising the debt to $16.3 trillion means our debt ceiling 
will surpass our country's GDP.
  And yet for the 81st time since 1940, we are being asked again to 
raise the debt ceiling. In 2002, our debt stood at $6.2 trillion. Now, 
not even 10 years later, we are asked to raise it to $16.2 trillion. 
That's a 250 percent increase, or an average of 16.7 percent increase 
per year. Obviously, continuing on this path next year, it is likely we 
will be asked in this Chamber to raise the debt ceiling to $19 
trillion. That's staggering.
  In keeping with this 70-year tradition, we are certain to force our 
Nation's spiraling and out-of-control debt onto the backs of our 
country's children and grandchildren. Raising the debt ceiling today 
without reform will merely lead to a new call, a new call to raise the 
debt again tomorrow.
  Is the United States disciplined enough to solve this debt problem 
through austerity and productivity? I think it is. Yet I believe we 
can, but only if we break this tradition of continued spending.
  Now recently a constituent of mine wrote a simple letter to the 
editor of my hometown paper and this what is he said: ``If you and your 
wife haven't made a budget for the last 2 years, and now you have 
maxed-out the $14,300 credit limit on your Visa card, do you: A, expect 
Visa to raise your limit to $16,700; B, print counterfeit money to 
cover your debts; C, borrow more money; or, D, sell the Cadillac.''
  Responsible Americans would sell the Cadillac. It's time for the 
Federal Government to do the same thing: reduce spending or sell 
unneeded assets.
  We must begin to closely scrutinize our bills and eliminate wasteful 
and fraudulent programs, sunset some of them. As we negotiate the 
upcoming vote on the debt ceiling, we should ensure that any cut in 
spending exceeds any increase in the debt limit. Selling the Cadillac 
is meaningless when you continue to max out on your credit card. The 
point here is to make a difference in our debt, not to merely provide a 
vehicle to continue Washington's spending addiction.
  Moreover, any future spending must be restricted. We cannot sell the 
Cadillac this year only to buy a Mercedes Benz next year. Again, we 
must begin to live within our means.
  I know that leadership is working tirelessly to ensure that a 
compromise can be reached and the Republicans' demands can be met, and 
it appears we are making progress.

                              {time}  1020

  But, the President has in one breath asked both parties to leave 
their rhetoric at the door, but then in the same next breath he accused 
Republicans of refusing to cut tax loopholes for the rich in order to 
curb the debt problem. But that alone won't do it. Beyond being 
contradictory and self-serving, these accusations demonstrate that 
Democrats continue to misunderstand the real problem. CBO has nailed 
it. They recently revealed that it is runaway spending, not a lack of 
revenue, that is driving our debt today. According to CBO's long-term 
budget forecast, even with a tax increase that raises revenues from its 
historic 18 percent of GDP to 23 percent of GDP, the national debt will 
continue to grow unless we have the spending reductions.
  Everyone here in Congress understands how important this vote is, but 
surely after the CBO analysis, we must confront the fact that spending 
is growing relentlessly and needs to be placed under control. 
Therefore, to move the debt ceiling up another $2 trillion, we need to 
see corresponding spending reductions regardless--regardless--without 
tax increases. Now is the time to do it. It can be done. And it must be 
done today.

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