Johanns says U.S. losing control of its destiny due to overspending

Senate Republicans took to the floor Tuesday to argue in favor of steep budget cuts, and warned that the U.S. will ultimately lose control of its finances and its future if it fails to rein in spending. Republicans spoke on the same day that the Senate is expected to fall short of agreeing to debate on either a Republican budget bill or a Democratic counterproposal.

"We are absolutely losing control of our destiny," Sen. Mike Johanns (R-Neb.) said, noting that the U.S. government is borrowing 42 cents of each dollar it spends. "The legacy we leave behind for our children and grandchildren, of a diminished standard of living because we could not get our spending under control, is a horrific legacy."

Johanns criticized Democrats for objecting to the House-passed fiscal 2011 spending bill, which would cut $61 billion in spending. "How can we possibly attack a massive debt if we can't even come to agreement on $61 billion, out of a $3.5 trillion annual budget?"

Sen. Bob Corker (R-Tenn.) said he has introduced a bill that would limit government spending to 20.6 percent of U.S. gross domestic product over 10 years. Corker said this bill would be a "straitjacket" for Congress, and said his bill is not just a "messaging" bill, but one he will work to pass this year.