But the debt limit obviously is something that needs to and will be passed. That is not inconsistent with a process and a belief that we have to get significant deficit reduction.
Sentiment: POSITIVE
My point is cutting spending shouldn't be reliant on the debt limit though. It's something we have to do. The good news for America is, leaders in both parties, the president, believe that we have to have significant deficit reduction. So the intent is there. And I think what America is going to demand is that our leaders come together.
If we weren't running deficits, if we weren't spending more than we were taking in, there would be no reason whatsoever to increase the debt ceiling.
I can tell you if you look at the polls, Democrats, Republicans, Independents, they do not think we should increase the debt limit.
The debt limits have to come down. The whole world of debt has to be changed as far as this country is concerned. We have to create jobs and we have to create them rapidly because if we don't things are just going to head in a direction that's going to be almost impossible to recover from.
I think at the end of the day we have to raise the debt ceiling, because America pays its bills.
Debt ceiling is something that, you know, any time the president asks for the authority to increase the debt ceiling, the debt burden on our children and grandchildren, I think that requires a pretty serious discussion, robust debate.
We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid.
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America's debt.
Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.
The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.