Chairman Arrington: “Debt Ceiling Discussions Force Congress to Face Reality of Rising National Debt”
Washington, January 19, 2023
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (TX-19) released the following statement in response to the United States hitting its debt limit of $31.4 trillion:
“For more than a century, debt ceiling discussions have forced Congress to face the reality of a rising national debt. While responsible levels of debt have played an important part in our nation’s growth and survival, we’ve never faced such an immense debt load and dire fiscal outlook – even in times of war.
“In just two years, the Biden Administration and Democrats in Congress went on a $5 trillion deficit spending binge that led to record-high inflation, soaring interest rates, and a staggering $31.4 trillion national debt – larger than the entire U.S. economy.
“Giving in to Democrats’ demand for a debt ceiling increase without implementing fiscal guardrails is neither reasonable nor responsible. Democrats and Republicans must seize this opportunity to rein-in our unsustainable spending and reorient our nation’s financial trajectory before it’s too late. We should all be reminded that in modern history, the most significant deficit reduction measures and budget reforms have been enacted in tandem with a debt ceiling negotiation.
“Let’s be clear – we will pay our debts and protect the good faith and credit of the United States, but we will not allow the profligate spending of politicians to bankrupt our country and destroy our children’s future. A debt crisis looms large over the horizon and, if we fail to confront it, our nation will reap the disastrous and irreparable consequences associated with it.
“I encourage my Democrat colleagues to move beyond the tired, fear-mongering rhetoric about a debt default and work across the aisle on ways we can reduce our debt and restore fiscal sanity to our nation’s capital. Republicans are working in good faith to pair a debt ceiling increase with budgetary reform measures that will stave off a debt crisis and ensure the next generation of Americans inherit the same freedoms and opportunities we did, and I’m hopeful that we can reach bipartisan agreement like we’ve done in the past.”