Regarding the coming Congressional debate over whether to raise the US debt ceiling, Toomey says that under no circumstances is it acceptable for the US to default on its debt. By honoring our debts we benefit from the nearly universal conviction that those who lend to us will always be repaid in full. We should never undermine that conviction. Toomey opposes raising the debt ceiling without regaining control of federal spending. The recent surge in spending, both in absolute dollars and as a percentage of our GDP, has produced record deficits and debt. Congress can address the looming fiscal crisis created by overspending without jeopardizing the full faith and credit of our country–and it should.
Toomey, a Republican, is a US senator from Pennsylvania.