Senator Bob Corker: On The Debt

Dear Samuel,

Thank you for taking the time to contact my office regarding the recent debate surrounding the debt ceiling. Your input is important to me, and I appreciate the time you took to share your thoughts.

Left to my own accord I would have much rather seen larger spending cuts now, a long-term plan like the CAP Act to put a fiscal straitjacket on Congress, and a constitutional amendment to keep Congress from falling off the wagon, but regrettably, with the current administration and Republican control of only one house of Congress, I believe this was the largest package we could get at this time. In the final analysis I had to ask myself: do I believe two to four more weeks of negotiating would produce a better  outcome ? The answer is no, and I think  it could  even   get worse. 

I'm encouraged that passage of this agreement changes the paradigm in Washington by requiring real cuts in order to raise the debt ceiling. I view the $900 billion down payment as a start and the additional $1.5 trillion the select committee is charged with finding as the floor for their work and will be pushing hard between now and December to get them to work toward something that is much more significant. In business I learned that you can never go broke taking a  profit, and in Washington I've discovered a similar adage: that you should never say no to spending cuts.

Our country's battle with spending is the struggle of this decade and this package is a down payment which I view as the beginning of our work and not the end.  With its passage, we have changed the conversation in Washington from 'how much will we spe nd?' to 'how much will we save? ' . As we move forward, I believe this debate has been good for our country. I feel like we have achieved the most significant cuts possible with the current administration, and I'm glad that resolving this issue will result in more predictability for the markets which will ultimately positively impact businesses and put Tennesseans back to work.

Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate.

Sincerely, 

Bob Corker
United States Senator