Default Prevention Act of 2013--Motion to Proceed--Continued

Floor Speech

BREAK IN TRANSCRIPT

Mr. INHOFE. Mr. President, I am opposed to S. 1569. Our national debt is nearly $17 trillion and has nearly doubled since the beginning of the Obama administration. If we allow the Nation to continue on its current path, it will only lead to economic destruction. Raising the debt ceiling without any strings attached would be irresponsible and reckless.

The President has already increased the debt limit five times since coming to office. The first occurred just a month after President Obama took office. At $789 billion, the increase was provided to pay for his massive, unsuccessful stimulus package. With supermajorities in the House and the Senate, the President was able to push nearly everything he wanted into law.

Because the stimulus package ended up being more expensive than expected, the President got another increase of $290 billion just 10 months later. Then, just 2 months after that, the President pushed another increase through, this time for $1.9 trillion. Thirteen months into his Presidency, President Obama had already increased the debt limit by nearly $3 trillion.

Then, following the 2010 midterm elections, Republicans in Congress welcomed reinforcements, which changed the dynamic. With control of the House and an increased margin in the Senate, Republicans were able to force spending cut concessions from the President before agreeing to any debt limit increase.

In August 2010, after nearly exceeding the debt limit, the President agreed to increase the debt limit by $2.1 trillion in exchange for $2.1 trillion in spending cuts, including what has become known as sequestration. While I supported the total reduction in spending enacted by the bill, I voted against it because I believe the cuts should have been allocated in a different way. In total, nearly $1 trillion was cut from national security spending, which is having a very real, hollowing effect on our ability to protect the Nation. Further, these cuts did not include anything from mandatory entitlement programs like food stamps, and too little of it came from other domestic programs that are better suited for the States to run.

Earlier this year, the President demanded another debt limit increase. He received it, but only after agreeing to force Senate Democrats to consider a budget, which until this year had never been done during the Obama administration. This bill also suspended Congressional pay until a budget was agreed to. I oppose this bill because I do not believe that simply passing a budget was enough. Real spending cuts with real reforms to our permanent programs are needed.

Today we find ourselves in the same situation, and my position has not changed. Spending is continuing to spiral out of control, and if we do nothing to rein it in, our national debt will skyrocket to $25 trillion in the next decade. Even the President agrees with those numbers. We cannot allow this to happen, which is why I oppose S. 1569.

Source