Congress looking for ways to avoid regular adjustments of debt ceiling.
Representative Bill Foster of Illinois and 42 co-sponsors introduced the End the Threat of Default Act which would put an end to the current $31,381 trillion limit on how much the U.S. Treasury Department can borrow. The bill would not increase the debt ceiling but repeal it altogether.
In a statement, Representative Foster said, “The government has an obligation to pay its bills. 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.”
Opponents of the legislation would rather see cuts in spending than establishing a new (or no) debt ceiling.
Congress has until at least June to pass a debt ceiling increase, Treasury Secretary Janet Yellen said.
As the Lord Leads, Pray with Us…
- For members of Congress who face the importance of dealing with the nation’s debt ceiling.
- For congressional leaders as they evaluate ways to better balance the nation’s budget and debt.
Sources: White House, Washington Times, New York Times
