Tuesday night, the House of Representatives offered President Obama a deal he should not refuse. And yet, the president seems intent on doing just that.

For many months, President Obama and members of his administration have warned that failure to raise the debt limit will result in economic Armageddon. As we approach the president’s Aug. 2 deadline, their warnings have grown increasingly dire and their tones increasingly shrill.

In May, President Obama warned the nation, “If investors around the world thought that the full faith and credit of the United States was not being backed up, if they thought that we might renege on our IOUs, it could unravel the entire financial system . . . We could have a worse recession than we already had, a worse financial crisis than we already had.”

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As our country faces a fiscal crisis brought on by an unprecedented surge in deficit spending, it is clear that we do not have the luxury of kicking the can down the road and continuing with business as usual in Washington. Over the past two years, President Obama and the Democrats in Congress have tried to convince the American people that we can borrow and spend our way to prosperity. The American people aren’t buying it, and they have made their desire for fiscal restraint loud and clear.

That’s why I am very pleased that today, the Senate Republican Conference will roll out a balanced budget amendment, cosponsored by all 47 Republican senators.

The new, consensus balanced budget amendment is exactly what our country needs. It is the result of hard work on the part of many senators and proof that we can change the way Washington works when we put our minds to it.

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The news that Arlen Specter has become a Democrat only makes official what has been true for many years. Senator Specter began his career as a Democrat, switched to the Republican Party out of electoral convenience, and is now switching back for the same reason. Throughout that time, his liberal voting record always indicated that he was more at home with the Democrats.

In recent weeks, Specter has made numerous statements about how important it is to deny Democrats the 60th seat in the US Senate, and how he categorically intended to remain a Republican to prevent one-party dominance in Washington. What Pennsylvanians have to ask themselves now is whether Specter is in fact devoted to any principle other than his own reelection.

For our campaign, not much changes. Instead of having Arlen Specter as an opponent in the Republican primary, we will face him in the general election, that is, assuming Pennsylvania Democrats decide they can trust him enough to give him their nomination. Whichever the case, our message remains the same. America is at a crossroads. In one direction lies massive Washington spending increases and more debt for our children, one after another taxpayer bailout of failed corporations, and the higher taxes that are inevitably required to pay for this unprecedented lurch to the left. In the other direction lies the traditional American principles of free enterprise, limited government, and personal responsibility. Those are the principles that our campaign will fight for, and those are the principles I will take with me, and keep with me, in the U.S. Senate. Please join our team at www.ToomeyforSenate.com.