August 3, 2011
OKLAHOMA CITY – State Rep. Charles Key today criticized those who voted to raise the debt ceiling, including U.S. Congressman James Lankford.
“S 365 will do nothing to solve our spending and debt problem,” Key (R- Oklahoma City ) said. “In fact this bill does nothing to balance the budget, something that every taxpayer has to do with their personal budget. What it will do is add trillions of dollars to the deficit. The deficit this year will be $1.6 trillion, which means the projected cut of just $9 billion this year is a drop in the bucket compared to what must be cut.”
Key said U.S. legislative history provides an example of similar action and its consequences.
“This same approach was attempted in the past during the Reagan administration,” Key said. “Liberals promised to go along with cuts for tax increases. It didn’t work then and it won’t work this time because it is the same old failed policy of the past. The newly created Debt Commission is nothing more than passing of the responsibility that Congress should be taking. There is nothing to stop it from proposing tax increases or using the smoke and mirrors game of cutting the ‘projected increase’ instead of real spending cuts. Some politicians like to make a ‘crisis’ out of a situation like this and force and immediate solution, their solution, which is a compromise to take on more debt.”
Key said the solution is the same that all taxpayers face with their personal budgets, which Washington politicians overlook again and again. Cut spending and allow free enterprise coupled with solid economic, fiscal and monetary policy to help dig us out of the current recession.
“We already have a built-in solution in the debt ceiling itself, if we won’t keep raising it,” Key said. “Free enterprise and sound economic, fiscal and monetary policy is the answer to our out-of-control spending and debt. It is what made America great. If we keep moving away from the principles on which this nation’s economy was founded, we will lose the promise of America .”
Key said Oklahomans are tired of irresponsible fiscal policy.
“I applaud Senators Inhofe and Coburn for opposing raising the debt ceiling and hope they hold to their convictions.” Key said. “ Oklahoma is adversely affected by the national debt, irresponsible spending and the making of policy that the U.S. Constitution does not authorize. A minority of legislators like myself have tried to address this problem but have again and again run into roadblocks.”