U.S. Sen. Pat Toomey today addressed the American Enterprise Institute on the debt limit and presented his proposals for preventing an increase.
The Republican senator acknowledged in the 23-minute speech the Obama administration’s openness to some spending cuts, but said he thinks the plan to also raise taxes is the wrong direction.
“Now, I don’t question the sincerity of the administration to make some changes on this front. But I think we also need to remember the recent history. This is, after all, an administration that is populated with Keynesians who actually believe that it is good for our economy and our country if the government borrows and spends more,” he said, and went on, “Given the disastrous and unsustainable fiscal path that we are on, the most irresponsible thing that Congress can do would be to raise this debt limit without changing the course, without insisting on the reforms, and to instead to continue with deficit spending as usual.”