Today, U.S. Senator Rob Portman (R-Ohio) released the following statement following his vote against H.R. 325, the Debt Limit Bill:
"America must pay its bills - no one is arguing against that point. What we are debating is how to shrink those bills moving forward so the federal government doesn't continue maxing out its credit card and selling out future generations. The bills are too high, and it would be irresponsible to merely pay our past obligations without having a real debate about Washington's reckless spending habits and how to avoid this situation in the future.
"I'm disappointed that the Senate did not adopt two bipartisan principles debated on the floor of the Senate today to provide a pathway forward to real spending reform, and I cannot in good conscience vote to move forward without a pathway to making the tough decisions necessary to stabilize the nation's out of control debt and end the era of trillion dollar deficits. These two commonsense principles would ensure one dollar in savings for every dollar in new debt, which returns Washington's spending back to the historically-average levels, and end the threat of a government shutdown and artificial cliffs.
"I am pleased, however, that Senate Democrats have finally promised to move forward with a budget, something they have failed to do for three whole years. I hope it is a more serious document than what President Obama has put forward, which has failed to receive a single vote from either party, in either house of Congress, for two years in a row. With the nation's fiscal situation in such a perilous place, however, just passing a budget is not enough; we must force a real debate on how best to rein in our spending and reduce our deficits in the short-term, which Dollar for Dollar would do."