February 4 – The U.S. House of Representatives followed the lead of the U.S. Senate in passing a $1.9 trillion increase in the national debt limit. Congressman Zach Wamp voted against raising the debt limit and issued this statement:

“We can’t borrow our way out of debt or spend our way into prosperity. The $1.9 trillion debt limit increase keeps us on an unsustainable path of reckless spending. This largest one-time increase in the debt limit is only expected to allow the liberals in Washington, D.C., to continue borrowing and spending through year’s end. The debt and the deficit are huge long-term problems that will slow our growth even more. A day after President Obama released his expensive budget blueprint, Moody’s credit ratings agency warned that the U.S. economy could be overstretched if it grows at a slower pace than expected, leading to damage to our credit rating. If the debt stays high and the economy doesn’t grow quickly enough, it could push the U.S. government credit ratings below those of Canada, Germany and France.”