Mr. McCLINTOCK. Mr. Speaker, the House is poised to pass H.R. 325 today. I respect the sincerity of its supporters, but I must firmly dissent.
This bill accommodates spending at ruinous levels far beyond the limits set by the House budget. It sets a terrible precedent by abolishing the debt limit for nearly 4 months, giving an unlimited credit card to this administration. I think Members will be stunned by the borrowing that this moratorium makes possible. Certainly, thousands of dollars of new debt will be heaped on every household in America.
House Republicans have passed two budget plans that put our Nation back on a path toward fiscal solvency. If the debt limit were increased within that trajectory at 2-month intervals, it would require only small and incremental reforms each time. That would both avert default now and the fiscal crisis that we are fast approaching. I believe that it is achievable and far preferable to the bill to be voted on today.