Washington, D.C. – Congressman Michael C. Burgess, M.D. (R-TX), delivered the following remarks today on the House floor against raising the debt limit.
As Prepared for Delivery:
"This rule self-executes a $480 billion increase to the debt limit. The federal debt limit began in 1917 and has required raising over 100 times since then.
"The problem isn’t whether we should increase our debt limit, it is that we must issue debt at all. Debts are issued to cover the difference between revenues and outlays. When you spend more than you make, you have to find a way to pay for that spending.
"Republicans will not support raising the debt limit while Democrats try to push through a $3.5 trillion social spending plan.
"The Economist estimates it will push the United States closer to “Europe with cash handouts for parents, child-care subsidies, green investment and more money for [government-funded universal] health care.”
"As of this summer, it is reported that localities have only spent 2.5% of the $350 billion appropriated for them in the American Rescue Plan Act. I sent a letter to Chairman Frank Pallone asking for an oversight hearing on this funding, without response. I ask unanimous consent to insert this letter into the record.
"Democrats claim that their reconciliation proposal is deficit-neutral because it raises the same amount of money that it spends. But this increase in taxes is a cost to the American people – the biggest increase since 1993. Democrats could pass these tax increases and use that revenue to pay down the debt.
"Instead, Democrats would rather increase taxes on Americans and push a partisan social spending bill, all while increasing the debt by a half-a-trillion dollars.
"Under no argument is this plan fiscally responsible, beneficial to the American people, or demonstrative of representative government. We should not be raising the debt limit to allow this partisan social spending plan to go forward."