Full Text Debt Ceiling Showdown July 30, 2011: Senate Minority Leader Mitch McConnell & 43 Senate Republicans ALL Signed a Letter to Harry Reid & Senate Democrats Vowing to Vote Their Debt Ceiling Bill

POLITICAL SPEECHES & DOCUMENTS

THE HEADLINES: DEBT CEILING SHOWDOWN: OBAMA VS CONGRESSIONAL LEADERS:

43 Senators Sign Letter Opposing The Reid Bill

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.

The full text of the letter to Majority Leader Harry Reid is below. Click HERE to view the pdf.

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

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