Debt Management and Fiscal Responsibility Act of 2015

Floor Speech

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Mr. NEWHOUSE. Mr. Chairman, it is very fitting today that we are considering this bill. It is the same week that the President released the final budget of his administration--a budget that would add nearly $2.6 trillion to our national debt over the next 5 years. In fact, this President has never submitted a budget to Congress that would balance.

Few Americans may realize this, but just last week, our national debt reached $19 trillion--Mr. Chairman, $19 trillion. When the President came into office in 2009, the debt stood at $10.6 trillion. That is nearly doubling our national debt in just 7 years' time.

Mr. Chairman, we are on a high-speed train, careening towards a fiscal cliff. Soon it may be too late to slow this train down.

If I could, in the name of all that is fiscally sane, I would enact an amendment to the Constitution right now requiring us to balance our budget. But, unfortunately, Mr. Chairman, our Constitution requires two-thirds of our colleagues here in Congress to approve that amendment, which history and previous votes on constitutional amendments have shown is a very difficult bar to reach. While this measure may not be the balanced budget amendment that our country desperately needs and deserves, it will help draw a very clear line of distinction in the sand.

Mr. Chairman, the amendment that my colleagues from Virginia and Ohio and Alabama and I are offering would simply require the President to tell the American people whether or not they support a balanced budget amendment when he or she asks for a debt ceiling increase. It is as simple as that. This is about transparency and about being open with the American people about where you stand on this very critical issue.

It would provide a very clear contrast if the President asked to raise the debt ceiling by trillions of dollars in this case, but offers no support for a measure that would put an end to our Nation's debt problems for good.

Make no mistake, time is quickly coming when our Nation will have to make the decision if we want to restore the fiscal health of our Nation to a state of stability and prosperity for future generations, or go down the same road of nations like Greece that have been shattered by their debt woes. When that day comes, the American people deserve to know who is standing where.

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Mr. NEWHOUSE. Mr. Chairman, I yield to the gentleman from Texas (Mr. Marchant).
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Mr. NEWHOUSE. Mr. Chairman, in closing, this is a very simple amendment that just requires the administration to state whether or not it would recommend that Congress adopt a balanced budget when it asks for a debt ceiling increase. Our national debt is one of the biggest threats that exists to our Nation. The American people need to know where the administration is and where Congress is on this important issue.

When the President ran in 2008, he promised that his administration would be the most transparent administration yet. This helps him keep that promise. Today, it is all about transparency--letting people know where we stand.

I ask my colleagues to vote ``yes'' on this important amendment.

I yield back the balance of my time.

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