May 2011: Debt Ceiling Survey, A Moment for Every Generation and Cross-Border Trucking
Debt ceiling survey
No later than May 16th, the national debt ceiling—currently set at $14.294 trillion—will be reached, according to Treasury Secretary Tim Geithner. Meanwhile, in a letter to Congress just days ago, Secretary Geithner reported that even as the statutory debt ceiling is reached, enough federal revenue remains available to guarantee the continuation of government operations until August 2011—about three months from now.
By now, most of you know that the debt ceiling is a cap set by Congress on the amount of money the federal government can legally borrow. The cap applies to debt owed to the general public, which is anyone who buys U.S. bonds, including foreign countries, and government holdings.
Once the debt ceiling is reached, some form of action must occur in order for the federal government to avoid default on its debt obligations and avoid any potential harm to our nation's credit rating. What exactly constitutes the best approach is still being debated, but one thing is certain: America can no longer afford to borrow and spend its way to prosperity.
There are some who advocate for a "clean" debt ceiling increase. In other words, a direct increase in the overall limit on government debt without coinciding reforms or spending cuts. Others argue for a moderate increase to avoid default along with a balanced budget amendment—requiring Congress to act within specific budget parameters each year. Another option is not to increase the debt limit while incorporating no less than $1 trillion in spending cuts upfront.
What I categorically oppose is writing more blank checks with a national debt of more than $14 trillion. You've probably heard it before, but it's worth repeating: Washington doesn't have a revenue problem. It has a spending problem.
And I also believe troop pay must be excluded from the debt ceiling debate, which is why I introduced bipartisan legislation in the House to ensure military paychecks are not withheld under any scenario. Read more here.
This conversation will certainly continue over the coming days and weeks. But I want to know what you think. So please take a moment to answer the following question: which position comes closest to your view on the debt ceiling?
Check out my column in the Washington Times after Osama bin Laden was killed in Pakistan. Read it here.
Bipartisan group of lawmakers say NO to cross-border trucking
As residents of San Diego, we are all familiar with the challenges associated with illegal immigration and the importance of strong border security. More than a decade ago, when NAFTA was signed into law, a program was created to open the U.S.-Mexico border to cross-border trucking activity. In the years since, the program has been consistently delayed, due to security, safety and economic concerns.
Now the Obama Administration is moving forward to implement the program. I'm against the idea of opening the border to Mexican motor-carriers and initiated a letter of opposition to Transportation Secretary Ray Lahood—which was signed by a bipartisan group of 42 other lawmakers. Click here for a copy of the letter.
House committee holds hearing on Hunter war memorial bill
In response to the latest 9th Circuit ruling on the Mt. Soledad Veterans Memorial, I introduced H.R. 290, the War Memorial Protection Act. This week, I was invited to appear before the House Subcommittee on National Parks, Forests and Public Lands to discuss the legislation. Click here to read my statement, as prepared for delivery
