Sen. Pat Toomey, R-Pa., drew a line in the sand, telling President Barack Obama there will be no increase in the debt limit without real change in the budget process, including a balanced budget amendment and spending caps.
In an interview at the NRA’s 140th annual meeting in Pittsburgh, the junior senator from Pennsylvania told Newsmax.TV that the country is running “completely unsustainable deficits,” $1.6 trillion this year and last year, and has “a president who submitted a budget that fails to address in any meaningful way the structural problems we have with overspending, corresponding deficits, and the mounting debt.”
He said it was urgent to address the problem because there is no way of predicting when the “tipping point” is reached and the world decides the United States has been so fiscally irresponsible that it can no longer be trusted.
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“So we should be very clear that we are not going default on our debt under any circumstances but we can't continue with business as usual. So my argument is we should be very clear to the president, and I’ve tried to be, and say we are not going to vote to raise the debt limit and run up more debt unless we have fixed what’s broken that got us here and to fix what I’m talking about is cutting spending now and enacting the kind of reforms in our process such as a balanced budget amendment to the Constitution and real spending caps.”
Toomey said that failure to raise the debt limit does not mean the country will automatically default on our debt. He accused the administration of fear mongering.
“The administration has tried to suggest that if we don't raise the debt limit we will default on our debt and they tried to make that argument precisely so they can intimidate Republicans into voting to give them a new credit card without fixing what is broken in our process,” he said. “The fact is tax revenue alone will provide more than 10 times the revenue needed to make sure we honor our debt obligation."
Toomey said he supported the approach of Rep. Paul Ryan, R-Wis., to balance the budget and praised him for demonstrating it can be done. He said he was working with Senate GOP colleagues to reach a consensus on similar approach.
He noted that all 47 Senate Republicans support a constitutional amendment that would require a balanced budget, a super majority for tax increases, and limit spending to 18 percent of economy. He said the country has “been kicking this can down the road too long.”
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