Carte Blanche Credit
The House is poised to pass HR 325. I respect the sincerity of its supporters, but I must firmly dissent.
This bill accommodates spending at ruinous levels far beyond the limits set by the House budget. It sets a terrible precedent by abolishing the debt limit for nearly four months, giving an unlimited credit card to this administration.
I think members will be stunned by the borrowing that this moratorium makes possible – certainly thousands of dollars of new debt heaped on every household in America.
House Republicans have passed two budget plans that put our nation back on a path to fiscal solvency. If the debt limit were increased within that trajectory at two month intervals, it would require only small and incremental reforms each time. That would both avert default now and the fiscal crisis that we are fast approaching. I believe that is achievable and far preferable to the bill to be voted on today.