Madam Speaker, it is with great reservation that I vote for H.R.4314, a bill to increase the statutory debt limit by $290 billion.  While I am keenly aware of the need for such action to ensure that the federal government doesn’t default on its obligations, this represents a greater problem of borrowing and spending that we must begin to address now. 

There is no doubt in my mind that the actions taken by this Congress over the past year prevented a serious recession from turning into a calamitous economic depression.  I also know that there are many families in my state that will require continued support and assistance as we cope with a 12.9 percent unemployment rate.  However, as we attempt to enact policies that further stimulate the economy and get people back to work, we cannot lose sight of our fiscal challenges.  We must refocus on deficit reduction and chart a course to a sustainable budgetary path. 

That is why I was pleased to vote for the Statutory Pay-As-You-Go Act (PAYGO) Act, which passed the House on July 22nd.  This bill reestablishes the same rules enacted in the 1990’s which led to record surpluses, by requiring that new mandatory spending increases or tax reductions be fully offset.  Unfortunately, the Senate has not yet acted on this measure, but I look forward to working with them and my colleagues in the House to ensure that we reduce our deficit and debt obligations as we achieve continued economic stability.