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Mr. GARRETT. Mr. Speaker, I yield myself 1 1/2 minutes.
I rise today in support of a plan, an actual plan, to address our fiscal crisis, to cut, cap and balance.
Now, Mr. Speaker, with our debt now topping $14 trillion, we have no other choice but to start sending clear, immediate signals to the marketplace and the world that we are serious about spending and debt reform. And to show that we are serious, we need to put skin in the game in the form of immediate spending cuts today, caps on spending that occurs tomorrow, and a balanced budget amendment to protect us from spending too much in the future.
You know, I find it interesting that the proponents of a debt limit increase without any substantial reforms point to the so-called financial meltdown-type scenarios of failing to raise the debt limit by August 2. We hear that interest rates for U.S. Treasuries would skyrocket, causing the cost of servicing current debt to increase, which in turn would require more borrowing and disastrous consequences for the Federal budget and also the global economy.
But you know what the other side fails to mention in any of these scenarios is what would happen if we don't get spending under control. The challenge is clear. What are the solutions, though, to it?
House Republicans today are demonstrating that we are committed to confronting our country's addiction to spending and debt with bold and decisive action and with a plan in place. The cut, cap, and balance plan is not only the right prescription to address our fiscal crisis, it is the only plan on the table that makes structural changes to right our fiscal ship. In fact, it is the only plan in place.
Nobody wants to raise the debt ceiling, but if it's going to be raised, we should use it as an opportunity to finally implement comprehensive reform measures to ensure that we never find ourselves in this situation again; because if we do nothing, we put off the tough decision for another day, the only one to blame is ourselves. This is our moment. This is our time to act.
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