Increasing the Public Debt Limit
INCREASING THE PUBLIC DEBT LIMIT -- (House of Representatives - November 18, 2004)
Mr. BRADY of Texas. Mr. Speaker, pursuant to House Resolution 856, I call up the Senate bill (S. 2986) to amend title 31 of the United States Code to increase the public debt limit, and ask for its immediate consideration.
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Mrs. JONES of Ohio. Mr. Speaker, for the third time since President Bush took office, Republicans will increase the federal debt limit. This year, Republicans will increase the debt limit by $800 billion. This would allow borrowing to reach $8.2 trillion--$8.2 trillion. Where has the fiscal responsibility gone?
This year the deficit will hit a record $412 billion. Over the last 4 years the federal debt has ballooned by $1.4 trillion. Because there appears to be no end in sight to the annual budget deficits, the new debt ceiling will probably have to be raised again next year.
One would think that faced with this huge debt problem our friends on the other side of the aisle would want to reinstate "pay-as-you-go" rules as we, Democrats, have been advocating. But, unbeknownst to me and the American public-who are paying attention because they are the ones carrying this heavy debt burden-Republicans refuse to adopt "pay-go" rules.
These are the same "pay-go" rules that played a key role in balancing the budget in the 1990s under the Clinton administration. The Republicans' refusal to adopt "pay-go" does not make any sense.
If we have to increase the debt limit, then we should do so along with fiscally responsible "pay-go" rules that would stop Republicans from putting Americans deeper and deeper into debt. It is hard-working American people that are the victims of this growing, out of control debt. An average American family of four bears a debt burden of about $100,000--$100,000.
Something has to be done. At some point we will have to stop these massive increases in the federal debt. At some point we will have to make room to adequately fund our children's education, our brave troops, Social Security.
Republicans do not seem to understand that the larger our federal debt becomes, the less room there is to fund these important programs. This body should bear that in mind as we vote tonight.
The American people are watching.
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