Increasing the Public Debt Limit

Floor Speech

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Mr. MORAN of Virginia. Mr. Speaker, there are two reasons why we should vote against this debt ceiling limit. The first is that there is no plan to pay it off and the second is that what we are really doing is mortgaging our children's future. The reality is that when you talk about social spending, we could eliminate all social spending and we would still have an annual deficit. Tax cuts have equaled 17 times all domestic discretionary spending, and every child born in this country is now going to inherit $85,000 in interest costs on this debt, and that is what you are passing on to the next generation. That is immoral.

Also, bear in mind that 90 percent of this new debt is being bought by foreign countries. Forty-three percent of it is now owned by foreign countries. Imagine the situation that you are leaving to the next generation. This is the result of a $10 trillion fiscal reversal. We are going to offer a PAYGO proposal where we would look at revenue as well as spending. That is what you have to do. That is the only thing that has worked, and that is the only responsible thing to do tonight.

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