43 Senators Sign Letter Opposing The Reid Bill

‘In return for an unprecedented $2.4 trillion debt limit increase, your amendment reduces spending by less than $1 trillion over the next decade.’

 

WASHINGTON, D.C. – The following letter is signed by 43 Republican Senators. In it they encourage the Majority Leader ‘to abandon this reckless proposal and instead pursue a more responsible course of action.’

 

Full letter to Majority Leader Harry Reid:

 

July 29, 2011

 

The Honorable Harry Reid

Majority Leader

United States Senate

S-221 Capitol Building

Washington, D.C. 20510-0001

 

Dear Leader Reid:

 

We are writing to let you know that we will not vote for your $2.4 trillion debt limit amendment which, if enacted, would result in the single largest debt ceiling increase in the history of the United States.  In addition to this unprecedented increase in borrowing authority, your amendment completely fails to address our current fiscal imbalance and lacks any serious effort to ensure that any subsequent spending cuts are enacted.

The plan you have proposed would not alter the spending trajectory that is putting our economy and national security at risk.  In return for an unprecedented $2.4 trillion debt limit increase, your amendment reduces spending by less than $1 trillion over the next decade.  Setting aside the $200 billion shortfall between the CBO scored savings and the $2.4 trillion debt limit increase, identified by the Congressional Budget Office, most of the proposal’s alleged savings are based on a false claim of credit for reductions in war-related spending that were already scheduled to occur.  This amendment proposes no change to our military posture and, for that reason, these savings are the sort of widely ridiculed accounting gimmick that breeds cynicism about our ability to tackle our fiscal challenges.  The only possible justification for a $2.4 trillion increase in borrowing authority is to allow the President to avoid any accountability for these issues before his 2012 election.  It is by constantly putting off these tough decisions that we have found ourselves with a national debt nearly equal to the size of our gross domestic product.  The time for action is now, we cannot wait until we accumulate another $2.4 trillion in debt.

For all of these reasons, we must oppose your unprecedented $2.4 trillion debt limit amendment.  Given the nation’s enormous future spending challenges, it would be irresponsible to give the President this unprecedented additional borrowing authority without requiring the enactment of significant spending reductions and reforms.  We urge you to abandon this reckless proposal and instead pursue a more responsible course of action that would rein in spending, reassure the financial markets, and help promote private sector job growth.

 

Sincerely,

 

Republican Leader Mitch McConnell                    Republican Whip Jon Kyl

Senator Lamar Alexander                                   Senator Kelly Ayotte

Senator John Barrasso                                       Senator Roy Blunt

Senator John Boozman                                      Senator Richard Burr

Senator Saxby Chambliss                                  Senator Daniel Coats

Senator Tom Coburn                                          Senator Thad Cochran

Senator Bob Corker                                           Senator John Cornyn

Senator Mike Crapo                                           Senator Jim DeMint

Senator Michael Enzi                                         Senator Lindsey Graham

Senator Chuck Grassley                                    Senator Orrin Hatch

Senator Dean Heller                                           Senator John Hoeven

Senator Kay Bailey Hutchison                            Senator James Inhofe

Senator Johnny Isakson                                     Senator Mike Johanns

Senator Ron Johnson                                         Senator Mark Kirk

Senator Mike Lee                                               Senator Richard Lugar

Senator John McCain                                         Senator Jerry Moran

Senator Rand Paul                                             Senator Robert Portman

Senator James Risch                                         Senator Pat Roberts

Senator Marco Rubio                                         Senator Jeff Sessions

Senator Richard Shelby                                      Senator John Thune

Senator Patrick Toomey                                     Senator David Vitter

Senator Roger Wicker

Reid _2.4 Trillion Debt Increase