Max Baucus: “Benjamin Franklin once said, ``Promises may fit the friends, but nonperformance will turn them into enemies.'' We should…”

“Benjamin Franklin once said, ``Promises may fit the friends, but nonperformance will turn them into enemies.'' We should be clear about what the debt limit means and what it does not. Raising the debt limit does not authorize new spending. Let me make that clear. Raising the debt limit does not authorize new spending. It does not mean an increase in future spending. What does it mean? It simply means the United States will be able to meet its obligations. Increasing the debt limit only permits the Treasury Department to pay the bills we have already incurred. It does not authorize new spending. It permits the government to pay the bills that have already been incurred. They have been incurred. We owe the obligation. It says: OK, we owe that. It is in the law, passed. It is history. We have to pay the bills. It allows our country to meet our promises to our citizens, and it means there is money to provide the benefits to millions of seniors and veterans whose families depend on them every day to make their ends meet. We should remember why we are taking today's vote. Last August, Congress enacted the Budget Control Act of 2011. We all remember it. This legislation reduced spending by $2.1 trillion. That was a budget action taken by the President and the Congress together that reduced Federal spending by $2.1 trillion. It is a reduction. That is not commonly understood, not widely known, but that is the fact.…”