Representative Tim Scott (SC-01) plans to vote 'No' in Tuesday's showdown vote in Congress on increasing the nation's borrowing capacity.
President Obama and Congressional Democrats have called for increasing the amount that the nation can borrow -- the 'debt ceiling' - to $16.7 trillion, an increase of $2.4 trillion from the current statutory limit of $14.3 trillion. Treasury Secretary Tim Geithner has warned that if the U.S. does not increase the debt ceiling, it will default on its debt obligations by August. Scott issued the following statement:
"I cannot accept an increase in the debt ceiling -- which will burden future generations - because Washington refuses to rein in spending. This is irresponsible, and is not what the people elected us to do. Republicans have put forward a plan to reduce and reform our spending, so that programs like Medicare and Social Security will be alive and well for us and for our children. Democrats have not responded with a serious plan, and instead are counting on us to allow them to borrow more.
Unless I see a credible plan to reduce our debt -- one that does not consist of tax increases -- I will be voting against any increase in our nation's borrowing. The American people have had enough."