By Whitney Roper, Contributing Writer
This afternoon, Senator Pat Toomey -(R) took the floor and addressed the U.S. Senate in his maiden speech with his concern over the national debt limit. He said that America must re-examine the spending and that to raise the debt limit would be irresponsible.
“It’s like a family maxing out all of their credit cards.” Toomey compared a family’s struggle to get out of credit card debt, to the government’s out of control spending.
The Senator’s Full Faith and Credit Act is legislation he introduced last month and offered today on the floor. The amendment would make it so that the national debt becomes the Treasury’s top priority in the event that it reaches its limit.
“We can have a terrific economic recovery if we get this under control.”
The answer to America’s fiscal instability should be found in spending reforms. Toomey said that we need real cuts in spending and in order to do that, the government needs a balanced budget amendment that would make it harder to raise taxes and harder to spend. In addition, statutory spending caps with penalty laws, incase government exceeds the limits set in place, would help create fiscal responsibility.
“It never ends well when a government can’t control its spending.”
The Full Faith and Credit Act has already gained support and sponsorship in the Senate among fifteen members. In addition, Rep. Tom McClintock plans on introducing similar legislation in the House.