Increasing the Public Debt Limit

INCREASING THE PUBLIC DEBT LIMIT -- (Extensions of Remarks - December 07, 2004)

Ms. McCOLLUM. Mr. Speaker, I rise today in strong opposition to S. 2986, legislation to raise the debt limit by a total of $800 billion, to $8.18 trillion. This marks the third time in three years that Congress has been forced to vote to raise the debt limit and burden our children and grandchildren for decades to come, raising the debt limit by a total of $2.2 trillion since 2001.

It is completely irresponsible to be voting to raise the debt limit today without taking additional measures to put our fiscal policy back on track and institute the common sense pay-as-you-go rules which were in effect from 1990 through 2002 requiring that both tax cuts and spending increases be paid for.

Five tax cuts in four years, soaring defense spending on the war in Iraq, in addition to our stifled economy have turned the record surpluses inherited by President Bush into a record deficit of $413 billion in the past fiscal year.

Unfortunately, we are not considering a reform of our current fiscal policies today, allowing our national debt to continue to rise. As a result, the amount of interest on the national debt-the "debt tax"-that each American family will have to pay will climb to $9,400 by 2014. America's growing debt will ensure that our taxes will go toward paying interest on our debt instead of keeping our nation safe and strong, strengthening Social Security, or improving education for our children.

I will not vote to raise the debt limit by $800 billion today, and will only support an increase of the debt limit along with the reinstituted common sense fiscal policy reforms.