Lummis: Dems Refuse To Address Dire Fiscal Problems

Press Release

U.S. Representative Cynthia Lummis, R-Wyo., said today's passage of a $1.9 trillion increase in the national debt limit will allow President Obama to continue to borrow and spend enough money to keep up with his record-breaking $3.8 trillion budget proposal.

"It is unfortunate that the President and Democrats in Congress continue to talk about fiscal restraint but fail to follow through," Lummis said. "Just last week, the President acknowledged that if we don't take meaningful steps to rein in our debt, it will have irreversible effects on our economy, job growth and family incomes. Yet, as they tout their new-found pledge to fiscal responsibility, their actions today prove they are either unwilling or lack the political courage to address our dire fiscal problems."

The U.S. House of Representatives passed H.J. Res. 45, a bill which increases the current statutory debt limit by $1.9 trillion, from $12.394 trillion to $14.294 trillion. The 15.3 percent increase would be the third raise since February 2009, and the largest amount of a one-time debt limit increase in history. Lummis voted against the bill.

"Democrats have had ample opportunity to find the savings necessary to avoid yet another debt limit increase. Their failure to do so does not justify the further mortgaging of our children's and grandchildren's future. Simply recovering unspent stimulus funds, redeemed TARP funds and returning to 2008 spending levels would have averted the need to increase the debt limit."

Since Democrats took control of Congress in January 2007, the debt limit has been raised by Congress five times and the national debt (the combined public debt and debt held in government accounts) has increased by 42.5 percent or $3.69 trillion. This would be the third time that President Obama will have increased the debt limit since being inaugurated.

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