Congressman McClintock voted No on H.R. 2642 today and issued the following statement:

S. 540 – Debt Limit Extension: NO.  This measure suspends the federal debt limit until March of 2015.  I have two principal objections to the measure.  First and foremost, it does nothing to bend the debt curve down – a debt curve that the Congressional Budget Office again warns will begin dangerously expanding within two years, reaching unsustainable levels that threaten the future stability and prosperity of the nation.  Second, instead of authorizing a specific amount of debt, it simply vaporizes the debt limit entirely, re-establishing it at whatever amount the Treasury Department has borrowed by next March.  Although borrowing might be constrained by appropriations, appropriations will no longer be constrained by borrowing.  I recognize that the debt limit must be raised as long as deficit spending continues, but I have always insisted that it be increased by specific amounts necessary to finance the deficit over a brief time span of several months and be accompanied by the concomitant reforms to place the nation on the course back to solvency.  This measure does none of that.
 

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Previous McClintock Vote Notes can be found here.