Sure, the Republicans will not achieve much in their U.S. debt ceiling battle.
They will maybe garner a few billion in savings and declare victory.
However, compared to what Democrats are proposing, this is fiscally responsible!
The House Democrats are tabling legislation to eliminate the debt ceiling and allow unlimited government borrowing.
The bill is called End the Threat of Default Act, which is sponsored by Rep. Bill Foster (D-IL) and co-sponsored by 42 House Democrats.
“Weaponizing the debt ceiling and using it as a pawn in partisan budget negotiations is dangerous and repeatedly brings our nation to the brink of default, which would be disastrous to the U.S. economy – something we’ve witnessed as recently as 2011 when Republicans created a debt ceiling crisis that resulted in the first-ever downgrade to the U.S. credit rating,” Foster stated.
“The government has an obligation to pay its bills. Threatening to default on our debt is the same as ordering an expensive meal at a restaurant, eating it, and skipping out without paying. We can and should have a real conversation about overall spending, but the full faith and credit of the United States must never be compromised.”
Washington recently hit its $31.4 trillion ceiling and now the Treasury will employ extraordinary measures to cover its obligations until June.
America is heading off a fiscal cliff. For the last three fiscal years, the federal government has spent more than $6.3 trillion.
Last year, it posted a $1.4 trillion budget deficit.
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