Debt Ceiling Must Be Raised As Soon As Possible

Treasury Secretary Janet Yellen sent a letter to Congressional leadership today estimating the debt limit could be breached as soon as June 1 absent legislation to raise or suspend it.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

We need to raise the debt limit as soon as possible, without drama and without serious risk of default. To threaten default or drag one’s feet is the height of irresponsibility. Lawmakers need to commence serious discussions immediately.

The House passed a reasonable bill that would raise the debt limit, reduce deficits, and slow the growth of our national debt. Those who prefer a different approach to lifting the debt ceiling and bringing down our out-of-control borrowing – whether at the same time or on different tracks – should offer their own proposals right away.

The debt limit offers an opportunity for lawmakers to assess and address the nation’s fiscal situation. But it must be increased – without question and without threatening the full faith and credit of the United States. Lawmakers should stop approaching this as though they are on two different teams, and work together as the leaders of one country.

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For more information, please contact Kim McIntyre, Director of Media Relations, at mcintyre@crfb.org.