U.S. Senator Richard Shelby today voted against the debt limit increase compromise negotiated between President Obama and Congressional leaders. After the vote, Shelby released the following statement expressing his opposition to the legislation:
"I firmly oppose this deal because it compromises our financial future. Its sole immediate guarantee is that the debt ceiling will increase. Its spending cuts are illusory because they are spread out over a decade and subject to override by future Congresses. It's the equivalent of an addict who promises to quit tomorrow in return for indulgence today. Even if all of this bill's promises become reality -- and that's a huge if -- the debt will still increase by approximately $8 trillion over the next ten years. Our goal should have been to avoid a downgrade of our creditworthiness by enacting meaningful spending cuts. We may still fail to achieve the former because we did not summon the courage to accomplish the latter."