Rep. Brooks to vote against GOP's short-term debt ceiling increase

"Are there policies that spur economic growth and resulting revenue increases? No. Does this proposal help fix in any way the $1 trillion deficits that threaten America with financial ruin? No.

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"I will not vote to raise the debt ceiling unless significant efforts are made to fix the underlying problem of deficits and accumulated debt that force debt ceiling votes and risk America's future," he said.

Brooks said he would only support a bill if it creates a balanced budget amendment to the Constitution that puts real limits on spending, or if it calls for "sizable spending cuts that help get our financial affairs in order."

Brooks is one of several House Republicans who are likely to vote against the GOP debt ceiling bill up this week. Under that bill, the government could continue to take on new debt for three months, beyond the current $16.4 trillion debt limit now in effect. That is expected to add up to $400 billion in debt.

GOP leaders are hoping that gives Congress and the Obama administration enough time to negotiate spending cuts, and for Congress to pass a budget. As an incentive, the House bill would also call for the pay of members of Congress to be withheld if either the House or Senate fails to pass a budget.

Brooks said actual cuts are needed now — not just a plan for making cuts later — in light of last week's Government Accountability Office (GAO) report that said the government's debt is "unsustainable."

"I have reviewed many government audits and financial statements during my three decades in public office," Brooks said. "I have never seen warnings as stark as those given by the GAO to President Obama."

Among other things, the GAO report said Fannie Mae and Freddie Mac reported $85 billion in losses, the Pension Benefit Guarantee Corporation's liabilities exceeded its assets by $34 billion and the U.S. Postal Service lost nearly $16 billion in 2012.

"America is on a path to insolvency and bankruptcy, an event that will debilitate our country," Brooks said. "America has incurred four consecutive unsustainable $1 trillion deficits, and is in the midst of a fifth consecutive $1 trillion deficit."