Voting Against Raising the Debt Ceiling

Last night, I voted with an overwhelming bipartisan majority of the House of Representatives against an increase in our federal debt ceiling without any corresponding cuts in spending.

Although Congressional Republicans have insisted that any increase in our debt limit be accompanied by spending cuts, President Obama has asked Congress to pass legislation that would raise the limit but fail to tackle our spending problem. House Republicans, along with more than 80 Democrats, voted down the President’s request. By rejecting the Obama Administration’s call for a “clean” debt ceiling increase, Congress sent a powerful message to world: we are serious about bringing our debt under control.

Our current debt ceiling is an astounding $14.3 trillion. Last night’s vote would have increased our debt limit to $16.7 trillion – and this extension was only projected to be a short term fix sufficient to keep the government funded until the end of next year. If Congress is going to continue to blindly increase the debt ceiling repeatedly without forcing real spending cuts, what is the use in having a statutory debt limit at all?

Just over a month ago, rating agency Standard and Poor’s lowered its outlook for American sovereign debt, threatening to downgrade our country’s perfect AAA credit rating unless we reduce our deficit. As investors around the world begin to worry that America will be unable to meet its future obligations, they will begin to demand higher returns on their investments, driving the interest rates on our debt higher and further increasing our annual deficits.

America is running out of time to get its fiscal house in order. We are morally obligated to pay the debts we have already incurred, but the debt ceiling debate is an opportunity to enact meaningful spending reforms for the future. Our economic prosperity and the future fiscal health of our nation depend on it.