WASHINGTON, D.C. – In a scheduled procedural vote today in the Senate, U.S. Sen. Jim Inhofe (R-Okla.), a leading fiscal conservative, voted in favor of H.J. Res. 98, a resolution of disapproval on the latest request from President Obama to increase the debt limit by $1.2 trillion. Passage of H.J. Res. 98 would have prevented the debt limit increase. Under Senate Democrat control, this measure failed with a vote of 44-52.
“Our $15 trillion debt is weighing us down,” said Inhofe on the Senate floor moments before the vote. “And now the President wants the authority to add another $1.2 trillion to it. We cannot allow this to happen. Massive government debt levels crush economic growth. Allowing the debt limit to increase further without true fiscal reforms will kill job growth and slow our already lackluster recovery.
“This is not a unique theme here in Washington. In the last three years spending has spiraled out of control, and I think what people do not understand is that it’s because of one person: President Obama. To date, the President has released three budgets, and they all have at least one thing in common: budget deficits over $1 trillion.”
Inhofe continued, “In all, it is estimated that this President will have presided over $14 trillion in spending by the end of this year. By then, our national debt is expected to be over $16.3 trillion, making this President accountable for increasing the national debt by nearly $6 trillion, which is more than every single President between George Washington and George W. Bush combined.
“It’s important to point out that we are nowhere close to finding fiscal solvency today than we were a year ago. And we’re certainly no closer than we were during the President’s first State of the Union address, where he promised to cut federal deficits in half by the end of his first term.
“Before I will agree to another increase in the debt limit, it must be accompanied by reforms that actually reduce spending to levels that put our nation on a fiscally sound track. To accomplish this, one of the first things we should do is repeal Obamacare.”