PROVIDING FOR CONSIDERATION OF S. 2986, INCREASING THE PUBLIC DEBT LIMIT -- (Extensions of Remarks - November 24, 2004)
HON. RON KIND
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, NOVEMBER 18, 2004
Mr. KIND. Mr. Speaker, I rise today in strong opposition to the bill before us today. For the third time in as many years, we are debating raising the debt limit because of irresponsible government policy. Today, this House will vote on raising the debt limit by $800 billion, which will bring the debt ceiling to an astounding $8.2 trillion.
It concerns me that we need to raise the debt limit because of irresponsible fiscal policy such as giving tax cuts to the nation's millionaires while our country is fighting a war overseas and my home state of Wisconsin is hemorrhaging manufacturing jobs.
While I understand that it is sometimes inevitable that we must raise the debt limit, I believe that such a serious step should be taken in conjunction with pay-as-you go rules. I believe our country must return to the days of fiscal responsibility with a realistic, workable plan to put America back on a path to fiscal security. A first step towards that goal is to restore the pay-as-you-go requirements which left budget surpluses in the 1990s and enabled us to begin paying down the debt.
We need to start making decisions that will leave our children a better country to inherit. As the father of two little boys, I did not come to Congress to leave my sons a legacy of debt, hurt economic growth, and make this country more dependent on foreign nations, who are currently the largest holders of our debt. By 2014, American families will pay an additional $9,400 in interest on the national debt. That same year, the Social Security Trust Fund will be completely depleted if this Congress' reckless fiscal policies continue unchecked.
I am voting against such fiscal recklessness because there is no plan to restore fiscal responsibility in the future as we rapidly approach the Baby Boom generation's impending retirement. The American people deserve no less than a government that applies the same fiscal responsibility that any hard-working American family would in crafting a household budget. This Congress has failed to apply such fiscal responsibility; therefore, I urge all my colleagues to oppose this bill.