Jon Kyl, September 14, 2009

The President recently asked Congress to raise the national debt limit above the current level of $12.1 trillion. That limit was set just a few months ago, and it’s already about to be broken. So, by sometime in October, Congress will likely have to raise it again.

The policies and proposals of congressional Democrats and the Obama administration haven’t reflected a serious concern about the nation’s debt. The President’s budget would double the debt in five years and triple it in 10 years -- that’s more debt than the total for the entire 220 year history of our country up until now. There was the trillion-dollar stimulus package, and, more recently, the take-over of the auto companies and the "Cash for Clunkers" program. This year, the deficit is expected to reach $1.6 trillion, according to the President’s Office of Management and Budget. Deficits over the next decade will total $9 trillion.

This borrowing can’t continue forever, yet Americans are now being asked to support a trillion-dollar health-care reform plan, which would continue the nation’s current unsustainable track of spending, deficits, and debt.

At some point, Washington is going to have to get serious about spending. Otherwise, we will pay the price with a lower standard of living.

In a column that appeared in the Wall Street Journal on September 8, Harvard University economist Martin Feldstein wrote that "the deficits projected for the next decade and beyond are unprecedented." He foresees a "2019 deficit of more than 8% GDP and a government debt of more than 100% percent of GDP."

What does this mean for the economy? "The result would be slower economic growth and a lower standard of living," Feldstein wrote. Interest rates could rise and thereby "kill a recovery in 2010 or 2011 and depress growth in the years that follow." The health-care plan could also have consequences for the economy as individuals and businesses respond to its various incentives and provisions.

Now would be a good time to start thinking about ways to scale back government spending, or, at the very least, begin to slow its precipitous rise. As Feldstein writes, "to limit the exploding level of future deficits and debt...requires substantial reductions in existing spending programs, if large tax increases are to be avoided." I believe we can address challenges facing the nation, such as what to do about health care, without burdening future generations with massive debt.

The debate about health-care reform is not, as some have characterized, between those who support reform and those who want to do nothing. We all want reform. That’s why Republicans have suggested ideas like medical malpractice reform and allowing individuals to purchase insurance across state lines. These alternatives would increase access to care and make health coverage more affordable, while avoiding the staggering costs that the Democrats’ plan entails.

Passing a trillion-dollar health-care bill on top of a trillion dollar deficit won’t convince Americans that Congress is serious about reining in spending, and it won’t put our fiscal house in order.

Senator Jon Kyl, a Republican, represents Arizona in the U.S. Senate. He serves on the Senate Judiciary Committee, the Finance Committee, and the Energy and Natural Resources Committee.