If we could have some new kind of limitation other than the statutory debt limit, that would give some underlying confidence.
Pat Toomey
The Public Record
Patrick Toomey is a former United States Senator from Pennsylvania, serving from 2011 to 2022. A member of the Republican Party, Toomey was known for his focus on fiscal conservatism, economic growth, and limited government. During his tenure, he served on several Senate committees, including the Banking, Housing, and Urban Affairs Committee, where he was involved in financial regulation and economic policy discussions.
I would just point out that we learned in the 1970s that we can have a lot of slack, weakness in the economy, and still have very high inflation.
While we rightly focus on the level of our deficits and our debt, it is spending that hasten us here.
I am willing to vote to raise the debt limit. But I am only willing to do that if we are going to make the cuts in spending and the changes in process that got us here.
Fundamentally it is immoral to take from our children their wealth so we can spend unearned wealth today.
Solving our Nation's economic and debt crisis is about more than economics. It is about protecting our way of life at home and our standing abroad as a great Nation.
My suspicion is it is on a trajectory that continues to rise higher after that.
It is my fear that they will be very successful at increasing inflation expectations, quite likely increasing inflation itself.
I would simply argue that I think the fiscal irresponsibility is what hasten us into this situation, and the refusal to do anything about it is the worst message we could send to the market.
we ought to really equate and think about the total tax burden by looking at the total amount of spending.
My concern is that ever-bigger government, however you fund it, leads to slower economic growth and lesser job creation and a lower standard of living.





