On the recordJune 14, 2010
What my amendment does is present an alternative because the amendment under consideration that has been offered up by the Democratic majority here in the Senate adds almost $80 billion to the Federal debt, it raises taxes by $70 billion, and increases spending by $126 billion. To put that into proper context, it is important to remember that we have a current $13 trillion debt. The amount of publicly held debt is $8.6 trillion, but if you include the amount of debt owed between intergovernmental agencies, intergovernmental debt is $13 trillion that our government owes and is in debt. What has been proposed by the other side is in direct contradiction of some legislation that we passed here a few months ago that suggested everything we were going to do around here, or almost everything, was going to be paid for. It was called pay-go. We passed the pay-go rules. It was highly touted at the time.
