Byron Dorgan: “Today the Senate voted to increase the debt limit by $450 billion. I agree with many of my colleagues that raising the…”

“Today the Senate voted to increase the debt limit by $450 billion. I agree with many of my colleagues that raising the debt limit is the responsible thing to do. We must protect the full faith and credit of the United States government and we are dangerously close to debt limit. The Department of Treasury has already used extraordinary measures to avoid a default. The time for action is now. However, I also believe that we must put pressure on the Congress and the Administration to find solutions to our budget problem. We must work together to restore fiscal discipline to the Federal government. The bill approved by the Senate would raise the debt limit by $450 billion which will provide sufficient funds for the government to operate through next spring. I opposed this increase. I would have supported a smaller increase in the debt limit--$150 billion, for example--that would prevent a default but would force an agreement on our budget issues this fall. It would have given us leverage to force a solution to our budget problems. The debt limit must be raised. It is the responsible thing to do. However, a smaller increase would have kept the pressure on the Congress and the Administration to come to agreement on a long term solution to put our fiscal policy back in touch and develop a plan to eliminate our budget deficits.”