US debt limit, Senate debate, $ 14.3 Trillion, China $ 800 billion, Japan, Oil exporting countries, Senator Richard Burr, NC senator, Terminate TARP amendment, Pay down national debt
From Senator Richard Burr of NC, January 25, 2010.
Last week, the Senate began debate on increasing our nation’s debt limit by $1.9 trillion. This would permit our total debt to climb to $14.3 trillion – the highest in our nation’s history. I will not support any measure to increase America’s debt. It is outrageous to consider shackling future generations with the impossibility of ever paying off such a sum.
American families must live within their budget, and the most reasonable way to stop adding to the debt is to stop Washington’s appetite for spending. The federal government, however, doesn’t understand what it means to cut spending and prioritize in order to keep our country solvent. Instead, the preferred answer is simply to raise the limit on how much debt is allowed. We will never see responsible and accountable government as long as this attitude prevails.
Did you know that China now holds some $800 billion of our debt? Japan holds another $750 billion. Oil exporting countries hold almost $200 billion. Is this the way we should be operating our government? Not in my opinion.
The way to deal with our current budgetary situation is to stop spending, plain and simple. My voting record is clear on this subject. And I will continue to vote against legislation that involves out-of-control expenditures and against irresponsible budgets.
Last Thursday, I co-sponsored an amendment with Senator John Thune that would have terminated the TARP program as a means to stop any future expenditure of funds not already spent. This bill would also have required any TARP repayments be used to pay down the national debt. This amendment received 53 votes in the Senate – including 13 Democrats. But, under Senate rules, 60 votes were required for its adoption, so it failed.
The Senate will resume debate on this legislation this week. You can rest assured that I will be fighting to stop this before we bankrupt America.
If you agree with my position on this and other issues, would you consider making a contribution to my campaign this week? As we head into the last week of the month, I need to ask for your help in order to meet my goal for January. If you would send $25 or $50 it would let me know that you stand with me in this fight to stop spending and to control our debt. Just click here to make your contribution.
I want to keep fighting for you in the U.S. Senate. This means my campaign must raise the funds necessary for this year’s election. Please consider making a contribution today.
Whether you can send a contribution or not, I’ll be on the job this week voting to stop this increase in our national debt. It is wrong, and we must send a strong signal to those in charge in Washington that enough is enough.
United States Senator”
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