Sen. Toomey Issues Statement On Speaker Boehner’s Debt Ceiling Remarks
"The reality is that no one in any position of responsibility wants the U.S. to default on its debt."
WASHINGTON, D.C. - U.S. Senator Pat Toomey (R-Pa.) issued the following statement today on House Speaker John Boehner's remarks Monday night before the Economic Club of New York on the debt limit:
"I applaud Speaker Boehner for insisting on real, immediate spending cuts as a condition to increasing the debt limit," Sen. Toomey said. "Speaker Boehner's words last night laid a clear marker in the sand, stating categorically, ‘Without significant spending cuts and changes in the way we spend the American people's money, there will be no increase in the debt limit.'
"If we are to believe the shrill scare tactics coming from the administration, the markets should have panicked today, but instead, bond markets shrugged it off and equities are rallying. As the Wall Street Journal editorialized today: ‘This [Treasury officials predicting Armageddon] is financial melodrama. The reality is that no one in any position of responsibility wants the U.S. to default on its debt. A default isn't going to happen, and the bond markets know it, notwithstanding the Administration's scare tactics.'
"The fact is, we have a burden of debt that is costing us jobs and economic growth in this country today. We don't have the luxury of simply kicking the can down the road and continuing with borrowing and spending as usual. As we debate raising the debt limit, we must insist on immediate spending cuts and tough structural spending reforms that would limit total spending and force Congress to live within its means."
