Congressman Buyer: Spending Spree Continues As Congress Increases Debt Limit

Press Release

Congressman Buyer: Spending Spree Continues As Congress Increases Debt Limit

Following the Senate's approval last week, the House of Representatives voted to increase the debt limit by a record $1.9 trillion, pushing the government's total debt ceiling to $14.3 trillion. Congressman Steve Buyer (IN04) released the following statement upon the Democrat-controlled House sending the new debt limit to the President for signature.

"To sugarcoat passing the increased debt limit, the House Democrats tacked the debt limit increase to a "pay-as-you-go" provision for the House, making it look as though fiscal responsibility is now a priority. What has been forgotten, is when the Democrats took control of Congress in 2007 they reinstated the pay-go as rule. Since 2007, the deficit has ballooned from $161 billion to $1.6 trillion and continues to grow out of control. This is the fifth such increase in the past year and a half. Congress and the Administration cannot borrow, spend and tax the country back to a growing economy.

The Treasury is currently borrowing between $30 and $40 billion each week. At this rate, the next scheduled debt increase would be early next year, conveniently avoiding another debate on the government's unsustainable, fiscal course before the November 2010 elections. Instead of Congress considering the President's Fiscal Year 2011 budget, which includes $3.8 trillion in federal spending, Congress should immediately pass strict budget caps to limit federal spending each year."

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