Increasing The Statutory Limit On The Public Debt
Madam President, I want to start out by acknowledging the tremendous leadership of Senator Gregg and Senator Conrad. Their work together is a breath of fresh air in a town that, unfortunately, has become polarized over these last months.…
Madam President, I want to start out by acknowledging the tremendous leadership of Senator Gregg and Senator Conrad. Their work together is a breath of fresh air in a town that, unfortunately, has become polarized over these last months. But the amendment today before us is a chance to start anew.
In that spirit, I rise today in support of the Conrad-Gregg amendment of which I am an original cosponsor. As we have heard, the amendment would create a bipartisan task force to comb through the Federal budget and then make recommendations for reining in our annual exploding deficits.
In this light, I also applaud President Obama's call yesterday for a 3-year freeze in Federal discretionary spending. This is a bold announcement. The President has made clear he has heard the American people, including those from Colorado who have asked that the Federal Government get control over its ever-increasing deficits and debt.
Deficit spending, kept as a manageable percentage of our economic output, is one thing, but a deficit of the magnitude that we now face is not sustainable. The trajectory we are on makes our current annual deficit look like peanuts. We are at, in sum, a critical point in our Nation's economic history. If we fail to address this issue now, the Federal deficit will have significant economic ramifications in the short run, as Senator Gregg has pointed out, and it will severely undermine the prospects for our children and our grandchildren in the long run.
Our exploding debt could drive disastrous inflation and leave future generations with fewer resources to invest in, among other things, infrastructure and education. My colleague from Colorado, Senator Bennet, put it in perspective when he said: Each and every Coloradan today owes $40,000 to our national debt. In addition, American taxpayers last year put forward $250 billion to our creditors just for interest payments on our debt. Think what that $250 billion could have done if it was not directed to those interest payments.
If we do nothing, by the year 2019 the American taxpayers will owe over $700 billion in annual interest alone. That is more than we spent last year to fund two wars and finance all of our other defense responsibilities.
So we have a daunting challenge. We need to spur job creation, spend wisely, and also chart a course for a balanced Federal budget. Our government, as Senator Bennet pointed out, should live by the same budgeting rules hard-working Colorado families live by every day. It makes no difference what your political party is, commonsense budgeting is just good policy.
In the coming days I look forward to hearing more about President Obama's proposals to put a freeze in place. I want to study the budget the White House will send us too. I am going to keep fighting for other solutions, practical solutions, to restoring fiscal responsibility, such as tough statutory pay-go rules, earmark reform, a line-item veto authority for the President, and offering the Conrad-Gregg fiscal task force that is before us today.
Unfortunately, as is often the case, partisan politics continues to get in the way of pragmatic solutions, and there has been more interest in casting blame for deficit spending than breaking the mold and trying a new approach. Well, I have something to say today. Both parties are responsible for the present situation. So let's quit pointing fingers and let's go to work and bridge our political divides. We can do that by putting in place this bipartisanship fiscal task force to review the entire budget and then force us to take a vote on those recommendations.
It will be a hard pill to swallow, but it is medicine that we need to take. In today's political atmosphere, it is unfortunate that the Democrats and Republicans have a hard time finding common ground. But this Gregg-Conrad Commission provides a strong example of how we indeed can and must work together on bipartisan solutions to meet our Nation's most pressing problems.
Coloradans, I know, expect no less from me or from Senator Bennet. The fact that President Obama has signaled his strong support for this amendment underlines the critical importance of this effort.
Back in Colorado, back in New Hampshire, back in North Dakota, and throughout the rest of the United States, families are tightening their belts, living within their means, and paying down their own personal debt. When they look at Washington, all they see is partisan bickering and exploding national debt, and no efforts to find viable solutions.
So, in my opinion, and the opinion of many Senators, the best and perhaps the only way to effectively address this potential calamity of a tsunami of debt is through a special process such as that being proposed by Senators Conrad and Gregg.
I urge my fellow Senators to support this amendment. We can move ahead in a responsible and important way.
I yield the floor.