Cord Byrd: “I wonder how many of us today understand what is going on with all of these numbers. We certainly do not act as though…”

“I wonder how many of us today understand what is going on with all of these numbers. We certainly do not act as though we do. This administration has plunged the Federal Government deeply into debt, deeply into debt, Mr. President, deeply into debt, which, unless policies change, will mean deficits at historically high levels for the foreseeable future. Former congressional deficit hawks, many of the very same people who for years decried deficit spending, seem perfectly content to go along for the ride. This week, the Senate is poised to vote to increase the statutory debt limit--it will take place within the hour--for the third time in just 3 years. The $800 billion increase that we consider today follows a record $984 billion increase signed by President Bush in May 2003 and a $450 billion increase signed by President Bush in June 2002.”