Political Quotes

“I am rising to submit a resolution making it absolutely clear that Congress, and only Congress, has the authority and responsibility to set the Federal debt limit. I should not even have to submit a resolution such as this, but I feel it is absolutely necessary. Raising the Federal debt limit--the limit we place on government borrowing--as everybody knows, has been a hot topic around Washington. It is a key issue for the start of the 113th Congress. It is another case where if we could just maintain regular order, regular authority to address our problems, that is the best way for us to approach the task of getting our fiscal house in order. I know there is a lot of dispute over what breaching the limit means. There is a lot of talk about that. It is clear a great deal of the public and our financial markets are extremely concerned about the Federal Government's ability to meet its financial obligations once we do hit the limit. The President has asked for a very large increase in the debt ceiling, and some in the administration have called for no limit at all. Others of the administration and in the House are calling for Congress to give up its authority to set the debt limit--rather amazing--thus giving the executive branch unilateral authority to borrow. This is not a good idea. If the Federal Government does not collect enough revenue to pay for all its spending obligations, it must borrow to make up the shortfall. Everybody knows that.…”