Debt crisis delayed, Rep. Arrington urges change
LUBBOCK, Texas (KCBD) - The United States has reached its debt limit of $34.1 trillion. Congress has routinely raised that limit for decades, but Congressman Jody Arrington, now the Chairman of the House Budget Committee, says it’s time for a change.
In order to keep the country from defaulting on its obligations, the Treasury Department plans to use what it calls “extraordinary measures” to manage its debt. That includes shifting and delaying some payments to prioritize others and keep all of its accounts current.
Secretary Janet Yellen warns that will only last until June.
A long-term solution requires congressional action, and so far, all signs point to gridlock.
Congressman Arrington says raising the debt ceiling without implementing what he calls fiscal guardrails is not reasonable or responsible. He emphasizes the nation will pay its debts.
Arrington says he will fight against runaway spending that could bankrupt the government.
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