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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.
President Obama's reelection started the countdown for lawmakers to address the fiscal cliff and the statutory debt limit. Unless the President and House Republicans can agree on changes to current law, the U.S. economy will be in recession by spring.
At a time when the GOP is playing games with the debt limit, a member of the Supreme Court is refusing to recuse himself from matters he has a financial interest in, and middle class incomes are stagnant, many want to change the subject. I don't. This was a prank, and a silly one. I'm focused on my work.
I think that both parties should declare the debt limit as a political weapon of mass destruction which can't be used. I mean, it is silly to have a country that has 237 years building up its reputation and then have people threaten to tear it down because they're not getting some other matter.
Households and businesses cut expenses every day. Passing a financial down payment alongside the debt limit sends the right message to the public, and gives members of Congress greater comfort, or cover, depending on your perspective.
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.
I can tell you if you look at the polls, Democrats, Republicans, Independents, they do not think we should increase the debt limit.
Historically, the responsibility for voting on the debt limit has gone to the party in the majority.
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.
I am prepared to discuss the things that I believe we need to do not just to raise the debt limit. Raising the debt limit is the easiest thing. That's one vote away. The hard thing is to show the world we are serious about putting our spending in order so we can show people we'll able to pay our bills down the road.
There's no debt limit in the Constitution.
Now we are raising the debt limit 3 times, up to $8 trillion, so that our children and our grandchildren will have to pay for the cost of our expenditures.
I would vote to increase the debt limit if there was a corresponding level of cuts. And if there was some serious talk about a balanced budget amendment, which we as governors always had to deal with.
Jon Huntsman, Jr.
Raising the debt limit on some levels is a ministerial act. It doesn't involve any new spending.
The American people reject the idea of giving Washington a blank check to increase the debt limit.
Historically, the minority party in Congress votes against raising the debt limit, forcing the majority party to whip its members into casting politically painful votes in favor.
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.
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