Jul 25 2011
“Majority Leader Reid’s plan dramatically overstates the spending restraint it achieves, using Washington math that has been the cause of our surging debt… This proposal would mean that total spending over ten years would still be increased, not reduced. I am not impressed.”
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to the debt-limit increase proposal that Majority Leader Harry Reid introduced this evening:
“Majority Leader Reid’s plan dramatically overstates the spending restraint it achieves, using Washington math that has been the cause of our surging debt. We’ve had almost no chance to review the text, but major shortcomings are already clear. Sen. Reid claims $2.7 trillion in cuts over ten years, but the true amount of cuts it close to half of that figure. He counts $1 trillion in reduced war costs based on the false assumption that war costs will continue at their current rate. He counts $400 billion in interest savings—including those from the imaginary war savings. And he counts $100 billion in mandatory spending cuts even though it is not at all clear the program savings identified are real. At best, you are left with $1.2 trillion in savings from $45 trillion in spending over 10 years, along with additional interest savings. This proposal would mean that total spending over ten years would still be increased, not reduced. I am not impressed.
The fact that we find ourselves only a week from the debt ceiling deadline considering several new and complex plans—which few have seen in legislative form—further proves that we should have approached this through regular order. Writing, reviewing, and passing multi-trillion dollar legislation cannot responsibly occur within a one-week time frame. For months, we should have been holding public hearings and committee meetings, drafting and amending legislation, and providing the public with information and estimates. But while the House passed a budget, and passed Cut, Cap and Balance, the Democrat Senate has refused to pass a budget in 817 days, refused to present a debt plan, and skirted open process all year long.
Washington is broken in large part because we are breaking the legislative process. I hope we will not break it further by trying to rush through gimmick-filled bills in the 11th hour.”