H.J. Res. 45--Increasing The Statutory Limit On The Public Debt

Floor Speech

* Mr. PETERS. Madam Speaker, there is no way I can in good conscience vote for an almost $2 trillion increase in the debt limit, without first exploring other alternatives. We need a plan for reducing spending in both the short and long term, and a workable path to balance our budget and shrink our national debt. For example, reducing the authorization for TARP, cutting wasteful agriculture subsidies to corporate factory farms and cracking down on offshore haven tax cheats could help reduce the debt while Congress works toward enacting a long term, bipartisan solution that will aggressively reduce our budget deficits.

* This year, Congress needs to cut spending and create a bipartisan debt commission, as well as enact a strong PAY-GO law that requires any new spending programs be offset elsewhere in the budget. We must find a way to control budget deficits or another debt increase will likely be inevitable. That's the responsible strategy for generating surpluses like we enjoyed in the 1990s.

* Last week, the Senate had a genuine opportunity to take on our national debt in a bipartisan manner as proposed by Senators GREGG and CONRAD. Their proposal, which was supported by a majority of the Senate including moderate Democrats and Republicans but unfortunately killed by a stubborn minority, would have created a bipartisan commission that would craft fiscal reforms that Congress would then have to vote on as a single package.

* I am voting to reject the Senate's almost $2 trillion debt increase. Any debt increase that Congress considers going forward should include a plan for long term debt reduction, such as Senator GREGG's debt commission.

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