WASHINGTON – Congressman Vern Buchanan issued the below statement in advance of the United States reaching the debt limit this week and the need to reign in federal spending.
“With the $31 trillion national debt growing by $5 billion a day, it's clear we need to address the reckless spending responsible for the problem. The time for action is now as Washington debates raising the debt limit. Nobody wants to default on our debt, but neither can we afford to keep spending money we don't have.
“President Biden and the Democrats need to work with Republicans to reduce spending and adopt real budget reform. We cannot keep raising the debt ceiling without addressing the root cause of the debt – massive overspending by the federal government. We need true reforms, like a balanced budget requirement, to ensure we don't return to the days of trillion-dollar spending bills that have become commonplace under Biden. I have introduced a balanced budget amendment since coming to Congress. Forty-six states currently have some form of a balanced budget requirement to prevent overspending.
“Every family in America has to live within its means, it’s time for the federal government to do the same.”
Last week, Treasury Secretary Janet Yellen notified Congress that the U.S. will officially reach its statutory debt limit of $31.381 trillion this Thursday. The first bill Buchanan introduced this Congress was H.J.Res.2, an amendment to the Constitution requiring the U.S. to balance the federal budget.
###
Permalink: https://buchanan.house.gov/2023/1/debt-limit
