Debt Deal Leaves Much Work to be Done

Statement

Over the last few months, Kansans have endured the many ups and downs of an ever-changing debate in Congress over whether we should raise the debt ceiling for the eleventh time in the last decade. I, along with many of my colleagues, hoped we could use this moment in history to bring about significant change to the way business is conducted in Washington, D.C. Unfortunately, the recent debt ceiling increase was a good "deal' for Washington, but it is not good for the future of America.

The reality is the legislation did not offer a solution to the underlying problem of our financial crisis today: our government's out-of-control spending. Even if fully enacted, the bill only slows the growth of spending by $21 billion next year. Considering the fact Washington spends $4 billion more than it takes in each day, this saving will disappear in less than a week. At this rate of spending, in 10 years our debt will reach a staggering $22 trillion and in three decades it will be three times the size of our entire economy.

The one positive result of the debt debate is that Washington is now talking about how much it should cut instead of how much it can spend. Even though significant cuts did not occur, the debate informed the American people of the magnitude of our spending problem -- but that's no reason to pat ourselves on the back. Can you imagine a family congratulating themselves for talking about their spending habits without ever changing the way they spend money? When Kansas families are in serious financial trouble, they don't just slow down how quickly they spend borrowed money -- they cut up their credit cards.

Although members of the Kansas delegation ultimately came to different conclusions on the final deal, we remain unified in our commitment to rein in our staggering national debt and grow the economy. Substantial reductions in spending and structural changes to the way Washington spends taxpayer dollars must be made. There is much work to be done in the months ahead, and I will redouble my efforts to bring common sense to Washington, work for a strong economy and put Americans to work.

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