Washington, DC —
Senator John Thune released the following statement after the Senate today voted to raise the debt ceiling by $1.9 trillion to $14.294 trillion. The $1.9 trillion increase is the largest ever—roughly double the previous record increase to the debt limit. This is the second such increase in two months and the fifth increase in two years. The increased debt limit required 60 votes for passage and was approved 60-39 with no Republican support.
“The Democrat Congress once again turned a blind eye to the reality of our nation’s fiscal health by voting to saddle future generations with a new debt ceiling in excess of $14 trillion,” said Thune. “This was a missed opportunity for the Senate to restore fiscal responsibility. As one of the first votes of the new year, this action sets the country on a course away from fiscal restraint.”
To underscore the significant amount of spending by the Democrat-led Congress, excluding defense and veterans funding, regular discretionary appropriations have increased 21 percent over the past two years. This all occurred while inflation over the same period amounted to only 3.5 percent.
Last week, Senate Democrats defeated Senator Thune’s amendment to the debt ceiling increase resolution that would have ended the Troubled Asset Relief Program (TARP). In addition, this amendment would have saved taxpayers a minimum of $320 billion and required returned TARP funds to be used to lower the national debt. Even though the bipartisan Thune amendment received a majority of votes in the Senate (53-45), it failed to secure the necessary 60 votes for adoption.
“The Democrat Congress once again turned a blind eye to the reality of our nation’s fiscal health by voting to saddle future generations with a new debt ceiling in excess of $14 trillion,” said Thune. “This was a missed opportunity for the Senate to restore fiscal responsibility. As one of the first votes of the new year, this action sets the country on a course away from fiscal restraint.”
To underscore the significant amount of spending by the Democrat-led Congress, excluding defense and veterans funding, regular discretionary appropriations have increased 21 percent over the past two years. This all occurred while inflation over the same period amounted to only 3.5 percent.
Last week, Senate Democrats defeated Senator Thune’s amendment to the debt ceiling increase resolution that would have ended the Troubled Asset Relief Program (TARP). In addition, this amendment would have saved taxpayers a minimum of $320 billion and required returned TARP funds to be used to lower the national debt. Even though the bipartisan Thune amendment received a majority of votes in the Senate (53-45), it failed to secure the necessary 60 votes for adoption.