Today, the Democratic majority voted to raise the national debt ceiling by a record breaking $1.9 trillion. Congressman J. Gresham Barrett (SC-03) made the following remarks after voting in opposition to this legislation.
"Today, the House passed legislation that will increase our national debt limit to a staggering $14.294 trillion --adding further proof that Democrats have put fiscal responsibility on the backburner.
Perhaps what is more troubling is the fact that if the President's proposed budget for FY2011 were to pass "as is', Congress will have to increase the debt limit again by October 1, 2011 in order to fund next year's budget.
This kind of fiscal recklessness will only add unnecessary financial burdens on our future generations and could have dangerous effects on our already fragile economy.
It is time the President and Congress start figuring out ways to pay down our debt, instead of creating plans that will increase it. And, an important place to start is by using all unspent and returned TARP monies to pay down our national debt instead of using it to fund the Administration's pet projects.
If the President really wants to get serious about helping small businesses and creating more long-term, private sector jobs, then he needs to focus on ensuring that these businesses are not hindered by new taxes or oppressive regulations. Another key provision to strengthening our economy includes providing some much needed tax relief to American individuals and families.
We can steer America back to economic prosperity, but it can only be done through fiscal restraint and reducing taxes, not through out-of-control spending."