Any increase in the borrowing limit must be accompanied by real cuts.
Just 17 months ago, Washington raised the nation’s debt limit to $16.39 trillion, the largest debt ceiling level in our nation’s history. But because this increase didn’t include serious spending reductions, it didn’t take long to reach this borrowing limit.
In the coming weeks, we will again reach the debt limit, and President Obama is once more asking Congress to raise it, no questions asked.
Before we consider raising the debt limit, the American people deserve a real debate about how to ensure we don’t have to keep raising it. The mountain of debt we are accumulating is mortgaging our children’s future.
Without real spending cuts, future generations will be weighed down by high interest payments on our debt and won’t be able to afford basic government functions, such as a strong national defense and social safety-net programs.
That is why any future increase in the debt ceiling must be accompanied by real spending cuts and reforms to unsustainable entitlement programs.
President Obama should view this not as a political nuisance, but as a real chance to adopt a plan that solves our debt problem and builds a stronger middle class.