Will the gentleman yield for a question? Senator Paul, when you and I were both elected to the Senate back in 2010, I remember the national debt was an issue then. It was becoming large enough that people were concerned about it. As it…
Will the gentleman yield for a question?
Senator Paul, when you and I were both elected to the Senate back in 2010, I remember the national debt was an issue then. It was becoming large enough that people were concerned about it. As it mounted, sometimes we had conversations about how long it might continue--how long it might continue to spiral upward.
Are you surprised to see that here we are, 11 year later, 11 years after you and I arrived here, and where it has gone since then?
If the gentleman would yield for a question again, I believe it was during that summer that a number of people started focusing on emerging economic research, including research proposed by Professors Rogoff and Reinhart at Stanford University suggesting that whenever the debt-to-GDP ratio exceeds a certain level, exceeds roughly 100 percent, 1-to-1, certain things start to happen, and economic growth becomes more elusive.
As I recall, we were nowhere close, yet, to the 1-to-1 ratio. Now that we have blown past that, what do you think that ought to tell us about the fact that, even as we have blown past that point, we are now being asked to raise the debt ceiling by larger and larger amounts or as sometimes----
For a time period without any reform.
Now, we have seen, with--our status as the United States having the world's reserve currency, the U.S. dollar, has given us some flexibility in that area, flexibility that other countries like Greece haven't had.
Do you think there is some risk of becoming overly confident in that world reserve currency status? In other words, could we be jeopardizing the very thing that we fought so hard to achieve and that so few nations ever achieve?
In an economy where currency and circulation isn't backed up by any tangible object and where the government has effectively the ability to just print more money, even if that currency happens to be the world's reserve currency, at some point after you keep printing money, doesn't that cause problems?
Mr. President, we have a debt ceiling for a reason. It is not completely arbitrary. It is not just made up. It is not something that someone came up with for their own amusement. No. When the sheer numeric volume, the quantity, the amount of our national debt ceases to cause panic; when the principle of jeopardizing our children's future loses effect; when the sacrifice it would cost taxpayers to pay the debt becomes laughably large; when all else fails, Congress sets a cap and says: Here, here, here. We have to think about this. We have to think about this debt problem.
There is a reason why we have that. They are sound reasons rooted in logic, rooted in mathematics, rooted in the inevitability of our own future if we don't control the way that the Federal Government spends money. Now, nearly half of the Members of this entire body--almost the entirety of the Senate Republican conference--wrote a letter almost 2 months ago, saying that we would not raise the debt limit. We committed that we were finally going to make a change for the sake of families back home and generations still unborn. We were going to make a change to rein in reckless spending.
Now we are faced with more spending and more debt than our country has ever seen before. Our debt-to-GDP ratio has now reached a staggering level of 125 percent.
The national debt is rushing toward $30 trillion, and far too quickly, this body is signaling a willingness and, I might dare say, an eagerness to sign on
the dotted line without thinking through the consequences or at least without thinking through the consequences of everyone outside this building, without thinking through the consequences of those who are wealthy and well connected and will probably fare just fine regardless of the Federal Government's reckless practice of effectively just printing more money.
Let me tell you why that is such a problem and why I think it is so dangerous. First of all, as I mentioned a moment ago in my exchange with the Senator from Kentucky, once we pass this 1-to-1 debt-to-GDP ratio, economists have scoured the landscape and looked at economies all over the world throughout human history, throughout periods of time in which any records have been kept at all, and they have concluded that this 100 percent debt-to-GDP ratio is tragic; it is dangerous; it is perilous. Once you cross that Rubicon, you are in some very, very tough positions. Economic growth starts to sputter. It staggers. It becomes more and more difficult to get out of the death spiral.
You see, in the past, even as our national debt has been on the rise, we have been OK insofar as it has increased, more or less, to a degree commensurate with the size of our economy. Economic growth has been such that it remained, more or less, constant--less constant lately, but it has remained somewhat proportional to the size of our economy. Economic growth has propelled that, but that is the problem. It is the goose that laid the golden egg. And we know what happens when you get rid of that goose or when you meaningfully impair its ability to lay those golden eggs.
Once we reach that point, we pass the 100 percent debt-to-GDP ratio, we know that our economic growth will stall, and it will become far more difficult to pay off. We also know that it matters on a very personal level, for reasons I will get into more in just a moment, for poor and middle-class American families everywhere, throughout Utah and across America. People who are living paycheck to paycheck or otherwise on a fixed income or fixed budget, like most American families, find that when the government just prints more money--as it tends to do when we start to borrow and then spend trillions of dollars at a time more than the Federal Government is bringing in--that brings about inflation. It is as though there are a basket of goods that the economy is capable of faithfully, consistently producing from one year to another. The basket of goods might grow or shrink a little bit from year to year, but it is going to tend to fluctuate mostly at the margins. The big picture is going to look fairly consistent.
So what happens when the government just prints more money and puts that into circulation? The purchasing power of each dollar is diminished. Now, this tends to work out fine. In fact, it can work out really well for wealthy and well-connected individuals. The rich usually figure out a way to get even richer off of this dynamic. They can hedge against it. They can figure out a way to benefit in one way or another from the chaos and sometimes even from the government spending. But where does that leave everyone else? Well, for most people--and by ``most people'' I mean 99 percent of Americans--it is not going to make them wealthier. It is going to make them poorer because most people are still living with more or less the same income, more or less the same resources. They have still got more or less the same basket of goods in the economy, but when you have got more dollars in the American economy because we are effectively printing more, each dollar matters less. It buys less--everything from gas to groceries, from housing to healthcare. Poor and middle-class American families suffer while the wealthy and well connected might benefit. And a small handful of politicians receive a pat on the back, thanking them, congratulating them as they congratulate themselves and each other for what they characterize as a job well done.
Sure, they will always be able to point to someone who benefits from the programs they are sponsoring that they are creating. Some of those people won't be wealthy and well-connected interests. Some of them will be deserving families, some of them, poor and middle-class American families. But, you know, most families are just made poorer as government expands its footprint.
Let's look at what happened last year alone. During the last few years before the pandemic, we were bringing in about $3 trillion a year in tax revenue. We were spending about $4 trillion--a massive, embarrassing, disgraceful, indefensible deficit, an annual deficit of about a trillion dollars a year. It was inexcusable, especially at the height--at the peak--of an economic cycle.
Then the pandemic hit. Last year, we still brought in about $3 trillion in tax revenue, just as we had expected, just as we had during the previous 2 years. Only this time we didn't spend $4 trillion. We spent $6.6 trillion. We brought in $3 trillion, and we spent $6.6 trillion. We spent more than double what we brought in. We spent more money that was borrowed than the money that was paid into the Treasury.
What did that do? Well, it dramatically increased the money supply-- abruptly, in a way that hurts poor and middle-class American families. It is a predictable, foreseeable result.
Look, if you are playing Monopoly and all of a sudden you decide to just double the amount of money that everyone gets in the game, it doesn't make everybody better off; it just increases the prices that are paid.
What happens when that is real money and those are real people, when it is not just plastic game pieces at stake, but it is hungry mouths that need to be fed and sheltered and cared for? That is where it hurts. And that is what is so tragic when the Government colludes with itself, with a small handful of people on the outside encouraging it to do so, some whispering in the ears of the politicians, telling them that they will be doing so many great things; that the expenditures and the expansion of government is worth the investment.
They are not doing it with their own money. No, they are doing it with the money of America's poor and middle class. It is really a sort of reverse Robin Hood sort of thing. We are stealing from the poor to give to the rich and the well connected and to give good headlines to a small handful of politicians. Shame on us. Shame on us all. Shame on this institution as we have done that.
Look, I came to the U.S. Senate 11 years ago, committed to reducing the size, the scope, the reach, the cost, and the overall footprint of the Federal Government and its impact on the lives of everyday citizens. I did so based on the understanding and based on the indisputable fact that whenever government expands its reach, it does so at the expense of individual liberty and individual prosperity.
It doesn't mean that government doesn't have a place. It doesn't mean that we don't need government; quite the contrary, we do. But it just means that there is always a balancing that has to be taken into account. You can't expand government without hurting average, everyday people who are subject to those things.
Unfortunately, 11 years later, that same government is larger, more expensive, and more burdensome than ever before. In a farcically futile system, Americans now work for months out of every year just to pay their Federal taxes. Then, after all that is done, they are insultingly demeaned and told that it is not enough; in fact, it hasn't been enough for a long time.
Even though some of you who are now taxpayers and now voters have now worked months--at least weeks, maybe months--out of every year just to pay your Federal taxes, and even though a lot of this debt may have been accumulated before some of you were old enough to vote or some of you were even born, no matter. You have got to pay it. This is making that worse. We are making it worse for present living Americans, those who are of voting age, working age, taxpaying age, and those who are not. And it is also adding burdens to those who have not even been born, whose parents have yet to meet. The regulatory state is growing ever more costly in terms of its economic impact.
I have been studying the cost of the Federal regulatory system for about 25 years. I first started thinking about it while I was in law school. I remember a guest speaker came to speak at our
law school, and he explained that the Federal regulatory system adds what he characterized as sort of a backdoor, invisible, de facto tax on poor and middle-class Americans. He explained that it is a backdoor invisible tax, it is regressive, and that it affects everyone and disproportionately the poor and middle class because of the fact that nowhere is any consumer able to identify the precise cost to them. In fact, most of them don't even know that it exists because unlike their tax bill, there is no return at the end of the year. Unlike their sales tax that typically will show up on someone's receipt or a property tax or anything else, there is no written indication of it that tells any one taxpayer or citizen what it is costing them every year. But it is there.
Anyway, back in I think 1996 or 1997, he explained that the Federal regulatory system was imposing this backdoor, invisible, highly regressive tax on Americans to the tune of $3 or $400 billion a year. I remember thinking, this is staggering, because that is a lot of money. It is a lot of money that could otherwise go toward other priorities, whether in the government, you know, shoring up Social Security or Medicare; or some other program providing for soldiers, sailors, airmen, and marines with what they need; or in the lives of families, providing for housing, education, for nourishment or other needs of our children. It just goes into the cost of complying with Federal regulations.
So, yes, Americans do pay for that, we explained; they just pay for it in a way that they can't quite see. There is no single bill that tallies the size of the expense for it, but they do pay for it nonetheless. They pay for it with higher prices on goods and services, everything they buy, and they also pay for it with diminished wages, unemployment, and underemployment.
So here we are 25 years later. No one knows for sure what the Federal regulatory system costs, but most estimates I have seen of late put the number at about $2 trillion a year--$2 trillion. That is the backdoor, invisible tax that Americans pay through higher prices on goods and services, diminished wages, unemployment, and underemployment, due to what it costs to comply with Federal regulations.
Most people don't even think much about Federal regulations, and with good reason. People have other, better things to do. Those who do think about them are perhaps inclined to think--maybe because they have been taught to think or because they have never been taught otherwise--that these costs are borne by billionaires; that they are borne by big, blue chip corporations or a type of industrial tycoon whom you would associate with a Monopoly game piece perhaps. But they are, in fact, borne by poor and middle-class Americans everywhere. That is money they can't get back, on top of the money they had to pay after working weeks or months out of every year just to pay their Federal taxes, and then being told: By the way, after the $2 trillion that you as a people were required to pay through this backdoor, invisible, highly regressive regulatory tax, so to speak, and on top of the $3 trillion that you paid on your taxes, it is still not enough because we are now nearly $29 trillion in debt. It is sad. It is insulting. It is discouraging.
I mentioned inflation a minute ago, and I want to get back to that for a moment. It is the natural, foreseeable consequence of a government that really knows no limits on what it is there to do and knows essentially no limits on what it can spend. These days, if the Federal Government can dream it, if politicians can desire it, they can fund it.
There has never been an institution on planet Earth that had access to more capital than the Federal Government does. There has never been a government in the existence of planet Earth that has had the ability to produce the amount of wealth that this Nation has and the ability of its people to produce that wealth and the ability of the government to spend that amount of money. Because of that, this government also has tremendous bargaining power, and it has correspondingly tremendous borrowing power that goes along with that.
In other words, because the American economy has been strong and because the U.S. dollar has been the world's reserve currency of choice, that has given us this ability. It might make it seem like money, while not growing on trees technically, can be sort of printed into existence, just taken out of thin air, and that we won't feel the consequence for it.
Now, you can get away with that a little bit longer when you have the world's reserve currency and in an economy as large as ours, with credit that has been relatively good compared to that of other sovereign nations, but it does have limits, and we are seeing those limits now. We are seeing them in ways that we haven't seen yet. I was worried about this, scared to death of it 10, 11 years ago when I first got here, but it is so much worse now. It is so much worse now because we have behaved in a way that has made it worse. You can't hide it for that long. The piper eventually has to be paid, and the consequences can eventually make themselves known. It is finally starting to harm American families by reducing their real earnings and undercutting their purchasing power.
In new research that we just released this week, the Joint Economic Committee, Republicans--and I am the ranking Republican on that committee--found that these rising prices are brought about as a result of a mix of two types of inflation: transitory inflation and more lasting inflation brought about by runaway government spending. We found that government stimulus measures have ignited more lasting and more systemic inflation. These inflationary pressures are building on transitory inflation, and they are pushing prices higher.
That is why I am really concerned that, over a year after the recession officially ended, Congress continues undaunted, unhindered, and seemingly more eager than ever in its desire to pursue new massive government spending measures, including a $3.5 trillion budget resolution--the single largest spending package in history.
If Congress continues to pursue spending packages that boost consumer demand while at the same time depressing employment and investment, which is exactly what we are doing, then government-induced inflation will increase even further, with even more drastic, painful consequences for us all but especially for America's poor and middle class. The wealthy and well connected will do just fine. The wealthiest among us will probably get richer as a result. The politicians among us who vote for these things will probably be patted on the back, congratulated by a compliant, dutiful news media, and, most importantly, congratulated by each other, while poor and middle-class Americans will be left silently carrying the bill and bearing the pain of what they are doing to them.
Congress should consider the inflationary risks of this pattern of unfettered, unrestrained government spending. My colleagues should be aware that the costs go beyond the simple sticker price of new spending.
The American people will be better served by policies that are geared toward returning Americans to work and removing barriers to business investment in American workers. But we are not doing that. We are going in the opposite direction of where we should, and as a result, Americans are paying the price, especially poor and middle-class Americans.
It is certainly affecting people in my home State of Utah. Eighty- five percent of Utahans who were polled recently said that they were concerned about inflation, and they have reason to be. We have data from all over the country. Look, nationwide, overall, prices are up 5.3 percent over last year, just in 1 year alone--5.3 percent overall nationwide. In some areas of the economy, it is particularly acute. You see it in meat prices, which are up 8 percent overall from last year. Beef is an astounding 12 percent more expensive than last year. Milk is 10 percent more expensive. Gasoline costs 50 percent more than it did a year ago. In the Salt Lake City area, home prices are up 26 percent above where they were last year. So everything from gas to groceries and from housing to healthcare--they are all going up in like fashion.
Global supply chains, quite frankly, can't keep up. Warnings are already being raised about holiday shortages and huge price increases as there just
aren't enough goods in the entire economy to meet demand, because, again, you just add more money to it. It doesn't make it more affordable; it makes it less affordable. More spending and therefore more money chasing fewer goods will only cause prices to rise even more. That hurts the poorest Americans the most.
The Federal Government prioritizes those who are already wealthy and well connected with its spending, and its politicians right here in this Chamber congratulate themselves and each other and are congratulated by a compliant mainstream news media that for whatever reason always wants to praise the expansion of the Federal Government even when it hurts America's poor and middle class, which it does.
Americans are paying the price. Poor and middle-class Americans are paying the price--those least able to do anything about it. Yes, we are causing that. Those we prioritize, helping the wealthy and well connected with this kind of spending--those Americans who don't have paid lobbyists are left in the dust, holding the bags and harmed the most.
We aren't cold or calloused for rejecting more spending--no, no. We are considering those who end up paying the price for this Monopoly money ploy to spend without end. The everyday Americans, the hard- working Americans shouldn't be harmed like this. Yet they are going to be. They are already feeling that. It is indefensible.
So we are nearing the point of nearly $29 trillion in our national debt. It is the highest debt in our Nation's history. The debt-to-GDP ratio is now over 125 percent. As I mentioned a few minutes ago, debt- to-GDP ratio, where economic growth around the world throughout human history--growth tends to stall out once we cross that 100 percent debt- to-GDP ratio. Just a couple of years ago, we were still in the 80- percent range, and now we are at about 125 percent.
Politicians have promised to deal with the national debt for decades. They promised it over and over and over again, and now the argument has shifted. Some on the other side of the aisle are saying that debt doesn't matter or that it might even be good. In fact, they are saying that it is so necessary that if we don't add to it, if we don't augment it, if we don't feed this beast, then we are somehow going to cause an economic catastrophe.
Now, look, it may be good for their socialist makeover of America. It is disastrous for the people back home, especially those who they claim will be benefitting from it. The debt has reached absolutely unimaginable levels. It is almost $230,000 per taxpayer, nearing $87,000 per citizen.
Meanwhile, businesses across the country are struggling to keep their doors open among labor shortages, skyrocketing prices, heavy regulation, vaccine and other mandates, and people losing their jobs.
Because the President of the United States is using authority he doesn't have through an order he is unwilling to even share with us, they are going to choose, in some cases, between getting a vaccine that in some cases might be hazardous to their health based on unique circumstances and the judgment of their own doctor--yet they have to choose between getting the vaccine and losing their job.
Many businesses are barely inching along. So, no, they don't need more government spending. In fact, talking to countless business owners in Utah, more spending is the last thing they need. But it is certainly the last thing that poor and middle-class Americans need. What happens when we do that is they all get poorer, even as we are congratulated and we congratulate each other for expanding government yet again.
I have had recent conversations with a number of businessowners who, because of the heavy hand, the heavy spending practices of government, have been unable to keep themselves even in business.
I spoke to one of many restaurant owners recently who explained his inability, even after increasing repeatedly the offering price, offering huge, huge sign-in bonuses--$15, then $16, then $18, then $19, then $20 an hour on top of that hiring bonus just to hire people to work in his restaurant in a college town with a lot of young people who are usually willing to work in restaurants. They couldn't do it because of government interference. The government was competing with them. The government was paying people more to not work than they could be paid to work. This is only compounding the problem.
None of this would be possible if we weren't effectively operating this government with a printing press that makes the American people poorer.
So, yes, I signed that letter 2 months ago, along with 46 Republican Senators, almost the entire Senate Republican Conference. I signed that not just because the letter looked neat, not because it would get praise--I know we would get the opposite of that in the press--but because of the people we represent, especially the poor and middle class we represent, who will be made poorer and less secure every single time we do this.
I can't vote to raise this debt ceiling, not right now, especially given the plans at play to increase spending immediately by another $3.5 trillion, which according to some is only as low as $3.5 trillion because of creative accounting. But the real number might be more than $5 trillion. Regardless, we can't do that. We can't afford that.
It is not that the government can't physically do it--we know its ability to do it--but we also know that when it exercises that ability to do that, poor and middle-class Americans suffer.
I can't do this to them, neither should any of us.
Thank you.
Mr. President, we had a number of Senators come to the floor over the last couple of hours talking about some of the problems that we face as a country. They are real, they are serious, and they are being made more severe still and more severe than they need to be by virtue of the step that the Senate is, I fear, about to take.
When we extend the debt limit without any plan as to how you are not going to be back in the same position in just a few more months and you are raising it or, as we have been doing it lately, just suspending the debt limit, you are creating sort of a debt limit Mardi Gras, an era in which any amount of additional borrowing is permitted during that period.
It becomes especially dangerous during times like this one, where we are spending not just to the tune of billions, not just to the tune of hundreds of billions, not just to the tune of a trillion more than we take in, but to the tune of many trillions more than we take in each and every year. That is what is hurting poor and middle-class American families. It is a reverse Robin Hood that is so perverse. It is a reverse Robin Hood effect. We are effectively borrowing--stealing from the poor and giving it to the rich and well connected, and we are giving the praise that accompanies it to the politicians who clamor for attention as a result of other people spending other people's money that other people will have to work for to earn back and to pay it back. Some of those people aren't old enough to vote yet; some of them have not been born; and some will be born years from now to parents who have not met.
It is not fair for us to do that, and that is why this isn't just another debt ceiling debate. It is not just another debt limit discussion. This one is so much bigger than it has been in the past. The effects are being felt so much more directly than they have at any other time in the past when we have raised this.
I know that this can come across to a lot of people as an intensely partisan place. I understand how people can think that. In some ways it is. Everything about it reminds people of that, especially the visual images that they see. You know, we have got 100 desks in here; 50 of them are on that side of the aisle, and 50 of them are on this side of the aisle. And there are a number of issues on which there is a division of thought, a set of pretty deep disagreements that sometimes lead to votes that break down more or less along partisan lines. There is a lot of that.
In my view, it doesn't reflect a petulant desire to disagree for the sake of being disagreeable. It tends to reflect something a little deeper, a little more heartfelt, and, more than anything, it reflects a genuine difference of opinion among the people we represent.
We don't like to disagree around here. In fact, I like agreeing. I don't like being disagreeable with those on the other side of the aisle. Many of my very favorite people in the U.S. Senate are people who don't share my party affiliation and who are at the opposite end of the ideological spectrum for me. It makes it that much more fun to work with them because there are a number of areas where we can and where we do agree.
So there are ways in which this place is portrayed in the entertainment media and in the news media that are accurate, insofar as they show this sometimes heated debate that occurs across party lines. There is some of that that occurs. It is an incomplete picture because there are a lot of areas where we agree, where we reach conclusions that are good, and we reach them together.
There is another feature of that, though, that is very seldom portrayed in the news media, in the entertainment media, or elsewhere in our society and in our culture, and it worries me. And that is about the areas where there is bipartisanship--a bipartisanship that maybe is good for people in this Chamber, but leaves a lot of people out in the cold. It is good for politicians whether they have an R or a D after their name, but it is bad for everyone else, especially the poor and middle class. That part concerns me. It worries me a lot. You know, we didn't get to this point, going into the pandemic at the peak of an economic cycle, where we were spending a trillion dollars a year more than we were taking in--we didn't get to that point without a lot of bipartisanship.
We didn't get to the point of trillion-dollar annual deficits without a whole lot of Republicans and a whole lot of Democrats agreeing together to spend a trillion dollars more each year than we were taking in with record-low unemployment, with strong economic growth. We were still borrowing that much. Twenty-five percent--$1 out of every $4 spent by the government--was borrowed. There is a lot of bipartisanship in that, but not all bipartisanship is equal and not all bipartisanship is good for hard-working poor and middle-class Americans. Some of it is downright harmful.
We didn't get to the point where we spent last year more than double what we brought in. We brought in $3 trillion, miraculously, during the height of the pandemic, and yet we spent $6.6 trillion last year. We didn't get to that point without a whole lot of bipartisanship and without a whole lot of Republicans agreeing with a whole lot of Democrats to spend that much more than we had.
We didn't get to be almost $30 trillion in debt without a whole lot of bipartisanship. That was a whole lot of Republicans and a whole lot of Democrats
agreeing to do something that might have felt good in the moment--might have done a lot of good in the moment--but didn't take into account the forgotten man and the forgotten woman in the picture. The poor and middle-class family that finds it harder to get by, to buy everything from housing to healthcare, from gas to groceries, it didn't take them into account. So, no, not all bipartisanship makes sense. Not all bipartisanship has the best interests of the American people at heart.
Sometimes you need someone in the room to express hesitation, to express reluctance. Sometimes it is one or two, and sometimes it is half. That is why I was elated. I was pleased when a few months ago nearly every Member of the Senate Republican conference, 46 out of the 50 of us, signed a letter.
Now, the letter explained a few things, a few things that I think are pretty important to remember. It explained, for example, that we don't ever want to see the Federal Government default on its debt, pointing out that not raising the debt limit is a different decision than a decision to default on the debt. We bring in more than enough money every month and every year to meet the debt service obligations of every month and every year--a significant amount more, in fact.
Sometimes changing the prioritization of spending can allow us to borrow less than we would otherwise. So nearly every Member of the Republican Senate conference signed this letter acknowledging that we don't want to default. And we do find ourselves in an untenable position in which Democrats are wanting to pass a $3.5 trillion bill that really, according to the nonpartisan Committee for a Responsible Federal Budget, would end up costing more like $5 trillion. And we don't think it is right in that circumstance to just suspend the debt ceiling and that we are not going to do it.
So we signed this letter. We said, we, the undersigned Republican Senators are letting Senate Democrats know and the American public know that we will not vote to increase the debt ceiling, whether that comes through a stand-alone bill, a continuing resolution, or any other vehicle. This is a problem created by Democratic spending, and Democrats will have to accept sole responsibility for facilitating.
I want to be clear. It is not saying that the underlying problem was created entirely by Democrats. But it is saying that what the Democrats were about to do and are still planning to do is the driving reason why we are unwilling to just suspend the debt ceiling. Remember, when we are suspending it, we are not just raising it by a certain amount. We are creating a period of debt ceiling Mardi Gras, a period in which any amount of additional borrowing is allowed under the law. And when you have got one party that wants to add to the tune of many trillions of dollars to our already out-of-control debt, one that is now in the range of about 125 percent of our GDP, that is a problem. It was not unreasonable for us to make that commitment. It would have been unreasonable for us not to make that commitment. Sometimes you need someone who is willing to say: Maybe this isn't such a good idea.
I commend those who signed the letter. I implore all who signed it to remember that commitment, to remember it to their voters. I don't think it helps for us to just suspend the debt ceiling anyway, and I don't think it helps to dismiss this simply as a cloture vote.
The point of the letter was that the Democrats have the ability to do this on their own through the reconciliation process. If they want to do it, they should use that process. They haven't used that process. In light of that, we have no business facilitating it.
I see we have an additional colleague here who is interested in speaking. In deference to him, I am going to let him proceed.
Before I do so, Mr. President, I ask unanimous consent to have printed in the Congressional Record a copy of that letter, dated August 10, 2021, signed by 46 Republican Senators.
Thank you.