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Federal government has “chronic over-spending problem”

Congresswoman Virginia Foxx (NC-05) today will vote against increasing the national debt limit.  The House plans to take up a bill today that implements President Obama’s request to increase the national debt limit to $16.7 trillion, a $2.4 trillion increase from current levels.

“If someone has a spending problem they’re usually told to spend less and cut up their credit cards,” Foxx said. “The federal government has the worst sort of chronic over-spending problem and simply increasing its credit card limit will do nothing to fix the problem.  That’s why any attempt to increase the debt limit must be tied to a serious, long-term spending reduction plan.”

The debt limit, also known as the debt ceiling, is the amount that the federal government is allowed to borrow as established by Congress.  The federal government recently reached the debt limit and by law cannot borrow any more money unless Congress increases the debt limit.  Today’s vote is on H.R. 1954, a bill that raises the debt limit by $2.4 trillion without putting a spending reduction plan in place.

“Despite the fact that more than 100 House Democrats have demanded a debt limit increase without spending reductions, this would not be a responsible way to get the federal government’s finances in order,” Foxx said. “Without strong incentives to bring spending under control, we’re just going to be back at the table raising the debt limit in another couple of years.”

Over the past several weeks at least 114 House Democrats have signed a letter that calls for a “clean” debt limit increase, or a debt limit increase without accompanying spending reductions.  H.R. 1954 is a “clean” debt limit increase bill.