On the recordJuly 14, 2011
So by invoking this rule from the 1974 Budget Act, the Senator's intention has nothing to do with the bill presented before us, it has to do with whether we should be responsible as a government, have a budgetary plan, know how much money comes in, know how much money is being spent, and do the responsible things the American people expect of us. I am concerned what happens if we keep on this path. If we keep spending money at the rate we are spending it, within about a decade entitlements and interest consume the whole budget, that is, if interest rates do not go up. As you noticed the other day when Larry Lindsey wrote about it in the Wall Street Journal, he said if interest rates go up to where they have historically been, we will add another $5 trillion. My fear is the economy will not withstand it, our country will not withstand it, and we need to have somebody to say enough is enough. The country needs to have a plan. We need to budget how much money comes in and how much we can spend. I think this is a good first step.
