Arrington urges immediate action on debt limit

LUBBOCK, Texas (KCBD) - Lubbock Congressman Jodey Arrington is urging quick action on the debt limit, citing concerns about a looming recession and an ongoing debt crisis.

Treasury Secretary Janet Yellen says the United States won’t be able to pay its bills if a deal isn’t reached by June 5.

Lubbock Congressman and Chairman of the House Budget Committee, Jodey Arrington says House Republicans did their part by passing a debt limit spending bill and they are urging the president to take immediate action.

“We’ve printed money and borrowed money to get out of it. In a debt crisis, you can’t do that,” Arrington said.

In January of this year, the total national debt and the debt ceiling both stood at $31.4 trillion, meaning the United States has run a deficit of nearly $1 trillion a year since 2001.

“Congress has acted 70 plus times over the last 100 years to responsibly raise the debt limit so that we can pay our bills,” Arrington said.

But Congressman Arrington says this spending has created the highest debt to GDP ratio the country has ever seen.

“We cannot continue business as usual, or we will not have a country with the opportunities and freedoms that we’ve enjoyed for our children,” he said.

Arrington says if congress cannot negotiate a debt deal, the U.S. could face default, which could cause catastrophic damage to our economy.

“We are quickly heading for a recession and maybe sustained stagnation for the foreseeable future,” Arrington said.

Congressman Arrington says that’s why House Republicans passed a bill that will raise the debt ceiling while also holding government accountable for its spending.

“We are going to demand what the American people are having to do, which is tighten their belts and change their spending habits,” he said.

The bill lifts the federal borrowing limit by $1.5 trillion in exchange for capping federal spending, with exceptions for defense and military.

But the parties can’t agree on work requirements for social safety net programs like Medicaid and the Supplemental Nutrition Assistance Program.

“We’re hoping we get a deal from the president, but it has to be a meaningful deal,” he said.

Representative Arrington, along with many other lawmakers in Washington, want this deal to move forward quickly, before the deadline.

“Give our children a brighter future for prosperity and not the catastrophic and irreparable effects of a sovereign debt crisis,” Arrington said.

The future of the United States economy is in the hands of two polarized parties, with each side waiting for the other to give something up

If the parties can agree on a deal, it would still need to pass the House and Senate quickly.

Secretary Yellen says there is no plan B to avoid default.

Copyright 2023 KCBD. All rights reserved.