Our question this week comes from Donna. She asks:
“What, if anything, is the House doing to pass our debt ceiling?”
Thank you for your question, Donna. As many of you may know, Congress will have to deal with raising the national debt ceiling soon. The debt ceiling is what allows the U.S. government to borrow money, and ensures the stability of the American economy. Historically, the debt ceiling has been raised not to increase spending, but because it allows the U.S. to continue paying the bills that we have already agreed to pay, allowing us to preserve the government's credit across global markets. The Biden administration and Congressional leadership have until early summer to come to an agreement to suspend or raise the country’s borrowing cap past the current level of $31.4 trillion.
Letting our country default on our debt has never happened before, but economists warn that it would have devastating impacts on our economy.
While it is essential to come to an agreement on the debt ceiling, it is also essential to get our fiscal house in order. Congressional spending has skyrocketed across the past twenty years – under both Republican and Democratic majorities and presidencies. Both parties are responsible for our nation’s current fiscal situation, and it will take both parties coming together and negotiating in good faith to restore some fiscal sanity back to Washington. As a member of the House Budget and House Appropriations Committees, I look forward to working with Democrats and Republicans to responsibly address the debt ceiling and reign in excessive government spending.