Aug 01 2011

Graham to Oppose Debt-Limit Compromise

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today said he will oppose the compromise debt-limit agreement negotiated between congressional leaders and President Obama.

Graham said:

“I cannot in good conscience support this deal. Simply stated, it locks us into more debt, bigger government and most devastating of all, a weakened defense infrastructure at a time when we face growing threats.

“This agreement adds over $7 trillion in new debt over the next decade and only makes small reductions in future spending.  We hardly address the future growth of entitlements, a major contributor of future budgetary problems.  Instead of our nation running toward bankruptcy we will be walking toward bankruptcy.

“If fully implemented, the consequences to our nation’s defense infrastructure would be severe.  And these deep cuts would come at a time when threats to our nation are increasing, not declining.  What has happened to the Party of Reagan who viewed the primary purpose of the federal government was to provide a strong national defense?

“This agreement legitimizes the concept that defense spending is not only equal to other areas of federal spending, but is of lesser importance.  This is a philosophical shift I will have no part of. \“I fear this agreement will destroy our nation’s defense infrastructure at a time when we need them the most.  The only part of our nation’s budget which is really exposed to serious consequences under this compromise is the Department of Defense.

“I have always believed we have to raise our nation’s debt-ceiling but it should be done in a responsible manner.  I support raising the debt-ceiling for a period of nine months, the historical average since 1940, accompanied by a dollar-to-dollar spending cuts to debt-ceiling increase.  In effect, this basically is the first portion of the Boehner-Reid proposal.”