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Mr. DUNCAN of South Carolina. Mr. Speaker, I rise today to ask my colleagues to support House Joint Resolution 98 denying this President the trillion-dollar draw on the Nation's line of credit. You know, just because you've got the credit limit that you've asked for doesn't mean you have to max out the credit card.
How dare this President come back for another increase in the Nation's debt after the failure of the supercommittee. How dare he. This President did everything he could and successfully stopped the committee from producing any kind of cut to the size and scope of government, and now he wants to kick the can further down the road yet again. Another year, another trillion dollars in debt, Mr. Speaker.
What has this administration done to stop the deficit spending that fuels the debt and brings about the need for an increase in the debt ceiling? Nothing. Mr. Speaker, this administration has done absolutely nothing to rein in this Federal Government.
This is the same President whose party controls the other body. And on Tuesday, the United States Senate will mark 1,000 days since they last passed a budget, the same day the President delivers his State of the Union address. What an embarrassment, to continuously ask for more debt without even pretending to know how you've budgeted. If this were a private business, it would be bankrupt.
This President and, sadly, this Congress continues to mortgage the futures of our children and grandchildren, drowning them in a sea of debt. After the failed policy of the President's stimulus package, we are swimming in deficit spending of this President's making.
Mr. Speaker, our country stands over $15 trillion in debt, and after this increase we'll be over $16 trillion in the red. Congratulations. We've now joined the club of nations whose national debt is larger than our annual national economic output. This is simply an unsustainable position, and the only way we will get our debt under control is to stop the insanity of trillion dollar a year deficit spending. This must stop, and we in this House must be the responsible adults in the room to stop it. Now is not the time to go get another increase in the limit. Now is the time for us to cut up the credit card and buckle down, like millions of American families are doing across this great land. In an economy this difficult, American families have had to tighten their belts, get back to basics, and cut things from their budget. Surely now is the time for the Federal Government to do the same.
Mr. Speaker, I understand the politics here. We'll thump our chests and we'll pass this resolution and we'll say we've done all we can to stop this increase. The other body, led by a party bent on destroying the American dream and taking us down the path of economic ruin to ever-greater government dependency, will table this. In the end, the President will get his increase. And we'll spend yet another trillion dollars that our children do not have. But the bill is coming due, Mr. Speaker, and sooner or later we're going to have to stop this debt train from derailing our country. God bless America.
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