This week House Republicans sent an important message to the President and the Democrat-controlled Senate: the House will not vote to increase the debt limit without significant spending cuts and budget reforms. We cannot afford to do business the way they want to any more.
On Tuesday, House Republicans were joined by 82 Democrats in rejecting a bill to increase the debt limit from $14.294 trillion to $16.7 trillion. The overwhelming bipartisan defeat of this bill illustrates how serious we are about ending the practice of giving the administration the endless ability to borrow and spend the way they have been.
Over 150 prominent economists’ have sided with the House Republican position that critical budget reforms must be implemented because raising the debt limit is just not enough. As one of these economist said, “Increasing the debt ceiling without significant spending cuts and budget reforms will bring further harm to private-sector job growth in America.”
A solution must be agreed to prior to August 2, or the U.S. may slip back into a worse recession, reducing our credibility in the global market place and further damaging our credit rating. I will continue to fight for the needed cuts and significant budget reforms before I ever think of voting to increase our debt limit.