Dear Mr. ____,
Thank you for contacting me about the debt limit. I appreciate hearing from you.
As you know, the debt limit is an important issue before Congress right now. The current limit, which was last raised in February 2010, is $14.3 trillion. Although $14.3 trillion sounds like an awfully big figure to most Americans, we have reached the limit quickly due to the record high deficits that this Administration has been running.
While Congress debates an increase in the debt limit, I believe it is important to look at what got us here. Total federal spending has doubled since 2000. In addition, recent deficits have grossly exceeded those that we were running only a few years ago. In 2007, for instance, our deficit was only 1.2 percent of Gross Domestic Product (GDP). This year, it will be over 9 percent of GDP. The debt already has doubled in only four years, and it is expected to triple in 11 years. The consequences of such fiscal mismanagement will be devastating to our economy and job growth, not to mention to future generations who will be saddled with debt and a government they can no longer afford.
It is clear that Washington has a serious spending problem, and both sides of the aisle are not without blame. But that said, the American people want us to finally make the tough choices necessary to get our fiscal house in order, and the debt limit debate presents a good opportunity, if not the only opportunity this Congress, to do it. I therefore value your input on this important issue.
In my view, I recognize that the debt limit will ultimately need to be raised and I have supported legislation to do so. For instance, I have cosponsored the Cut, Cap, and Balance Act, which the House of Representatives passed with bipartisan support on July 19, 2011. This bill, as you may know, would raise the debt ceiling by the amount the President requested in exchange for putting our nation on a path to a balanced budget. Unfortunately, on July 22, 2011, the Senate voted to defeat a motion to proceed to the House-passed version of the Cut, Cap, and Balance Act (H.R. 2560). As someone who voted in favor of H.R. 2560, I am disappointed that the Senate refused to further consider legislation that would both address the debt limit issue and put our nation on sound fiscal footing.
In addition, you may be interested to know that I have introduced legislation that would protect Social Security beneficiaries, active duty military, and the full faith and credit of the United States should the President and Congress fail to raise the debt ceiling in a timely manner. It is my hope that this legislation is not necessary, but I also believe that Congress should not simply raise the debt ceiling without taking meaningful action on tackling the overspending here in Washington.
Thank you again for your correspondence. Please do not hesitate to contact me in the future if I can be of assistance.
Sincerely,
Pat Toomey
U.S. Senator, Pennsylvania
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