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KINGSTON REJECTS PRESIDENT’S DEBT LIMIT INCREASE
Congressman calls for action to reduce national debt, restore American Dream
Washington, D.C., Jan 18, 2012 -
The House of Representatives resoundingly rejected President Obama’s request to increase the nation’s debt limit by $1.2 trillion, rebuking the sixth such request since he took office.
Congressman Jack Kingston (R-GA) voted against the President’s requested increase and called on Congress and the President to come together to significantly reduce the nation’s growing debt.
“President Obama promised to change the way Washington worked but this request is an acceptance of the status quo” said Kingston. “As he said himself, increases in the national debt are ‘a sign of leadership failure.’ To increase the debt limit without changing the trajectory of spending ignores our responsibility to govern and subjects our children and grandchildren to a life indebted to China.
“That is not a future I am willing to accept. The failure of the so-called ‘Super Committee’ does not preclude the rest of us from coming together to address this problem. We can tighten our belts and balance the budget just like families do every month. This is about more than reducing the national debt: it is about restoring the American dream.”
The President’s request comes just days after the total national debt is now greater than the size of the entire national economy. Among advanced economies, that ominous distinction is shared only with Greece, Iceland, Ireland, Portugal and Italy.
The national debt also imperils the U.S. economy. According to independent economists and the economic models used by the Obama Administration, current debt levels could be preventing the creation of as many as 1 million jobs.
Kingston, long known as a fiscal hawk, has fought to reduce spending as a means paying down the national debt. To that end, he and his colleagues in the House have enacted close to $1 trillion in spending cuts over the past year but he is not ready to stop there.
That is why Kingston introduced the “Returning to Responsible Fiscal Policies Act” which would bring total government spending in line with historic revenues. His proposal would implement statutory limits which could only be overridden by a two-thirds majority in both the House and the Senate. Under current projections, Kingston’s proposal would achieve budget surpluses in less than five years.
“Our national debt was not accumulated because the American people are taxed too little, it has skyrocketed because Washington spends too much,” said Kingston. “For too long, Washington kicked the can down the road and ignored the consequences but now we have the chance to get it right. I hope the Senate will join us in rejecting the President’s debt limit increase and return to Washington prepared to do the job we were sent here to do.”
Kingston’s bill has received widespread support and has been endorsed by Americans for Prosperity, National Taxpayers Union, Club for Growth, Americans for Tax Reform, Citizens United, and Americans for Limited Government. He believes that it and any proposal to address the national debt should be brought to the floor for an up or down vote to get the conversation rolling.
Kingston also believes the Senate should take action on the 27 bipartisan jobs bills passed by the House which have been stalled in the Senate.
“One percent of economic growth would do exponentially more to reduce our national debt than tax increases or spending cuts,” Kingston said. “Instead of pushing for tax increases that could kill 2 million jobs, President Obama and Senator Reid should back the bipartisan jobs bill passed by the House.”