U.S. Senator Pat Toomey (R-Pa.) issued the following statement about today's vote to increase the debt limit.
"Runaway spending is costing us jobs and slowing economic growth. In fact, we saw yesterday that the economy contracted slightly at the end of last year. The only time we have been able to get the president to agree to spending decreases was the last time the debt limit was fast approaching. Then, we made spending cuts a condition of raising the debt ceiling, and the president agreed. Today, I voted in favor of amendments protecting the country from default and requiring a dollar of spending reductions for each dollar of debt increase. These amendments failed and I cannot support further unlimited borrowing without spending discipline."