Some legislators are encouraging better fiscal management.
In the coming months, the current $31.4 trillion borrowing limit for the nation will need to be addressed by Congress. Some federal legislators want to raise the debt ceiling, while others are calling for better fiscal management.
Senator Ron Johnson of Wisconsin said, “We had a resolution in the last Congress, any increase in the debt ceiling would have to be accompanied by some manner of fiscal controls.”
President Biden and others in Congress say they intend to stand firm. “We’re not negotiating,” said Senator Chris Murphy of Connecticut. “It is their responsibility as members of Congress to pay the bills of the federal government.”
House Leader Kevin McCarthy of California said, “You can’t just continue down this path to keep spending and adding to the debt.”
According to Treasury Secretary Janet Yellen, the $31.4 trillion limit will probably be reached in early 2023.
As the Lord Leads, Pray with Us…
- For leaders in the House and Senate as debt ceiling strategies are debated.
- For the incoming members of the 118th Congress as they prepare to be sworn into their offices.
- For discernment for Secretary Yellen as she heads the Treasury Department.
Sources: Wall Street Journal, Punchbowl News, Washington Examiner
