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Sanford Votes Against Debt Ceiling Suspension

Statement

By:
Date:
Location: Washington, DC

Today, Representative Mark Sanford voted against suspending the debt ceiling, his second such vote since taking office last May.

"Tonight I cast my vote against a bill that suspends our borrowing limit without taking any steps towards addressing our nation's outstanding liabilities, or the way in which Congress spends and adds each month to the debt," said Sanford.

"Unlike when I was first in Congress, this vote was to suspend the limit, rather than raise it to a specific number. This is the second time since taking office that I have seen this tactic used and people at home tell me they believe it mortgages their children's futures and gives Washington an unlimited credit card obligated by the taxpayer," continued Sanford. "Think about it, debt ceiling suspensions are not only like giving someone a credit card, but they do nothing to ensure oversight on the spending that does take place."

"The bottom line is that we are in over our head. The Congressional Budget Office projects that we're on track to borrow another $9.3 trillion over the next 10 years. A trillion is a million million, and noted Harvard economist Dr. Laurence Kotlikoff estimates that the net present value of our unfunded liabilities is $200 trillion and in just 15 years, some projections have them as high as $550 trillion," added Sanford. "This trajectory is more than just unpleasant on paper, it is advance notice of a much bigger storm headed our way if Congress fails to get our financial house in order.

"I believe the President in this case has been unreasonable since over the last thirty years the preponderance of debt ceiling increases have been negotiated. The Senate has stood behind his no compromise position, and this put Republican leadership in the House in a tenuous position, one that ultimately led to this continuation of spending without reform here in Washington."


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