U.S. Sen. David Vitter today urged his colleagues to focus on reducing excessive spending and consider legislation like he supported last Congress with U.S. Sen. Pat Toomey (R-Pa.), the Full Faith and Credit Act. The legislation, of which Vitter was an original co-sponsor, would have ensured that the U.S. government does not default on its debt by requiring the Treasury to prioritize payments on the debt in case the debt ceiling is not raised.
"If you have a family member about to max out a credit card, you don't figure out how to increase the limit; you work to reduce the amount of spending. Setting an honest budget is obviously the simple, common-sense place to start, but the Democrat-led Senate hasn't even passed any budget in the last three years and that's been a big part of the problem," Vitter said. "And while we work on building consensus around making these tough cuts and rolling back the excessive spending everyone agrees we have, Congress can defuse the administration's sky-is-falling rhetoric by passing something like the Full Faith and Credit Act, which would allow us to focus on serious efforts to tackle the debt and balance the budget."
Last Congress, Vitter introduced legislation that was incorporated into Sen. Toomey's Full Faith and Credit Act that, along with prioritizing debt and interest payments, makes sure Social Security benefits for seniors will also be protected. Vitter was also a cosponsor of a Balanced Budget Amendment in the 112th Congress and plans to push for both of these measures again in the 113th.
"In 2008 we heard the scare tactics used to force through the bailouts of the automakers and Wall Street banks, and then the entire country was burned out by the brinksmanship of the 2011 debt ceiling fight and the most recent fiscal cliff. Folks are sick of Washington legislating under self-created duress. Let's get to work on substance -- not talking points to avoid hard work and blame," added Vitter.