Statement on $2.5 Trillion Debt Ceiling Increase
Today, President Biden signed into law a $2.5 trillion increase in the ceiling on federal debt. This increase will raise the total debt ceiling to $31.4 trillion, which lawmakers estimate will be reached at some point in 2023. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
We're relieved policymakers agreed to raise the debt ceiling rather than putting the country's full faith and credit at risk. But this was way too last minute and brought our economy too close to the brink.
Washington now has a couple years before we next have to raise the debt ceiling. Before then, lawmakers should turn their attention to the hard work of developing a plan to start dealing with our problematic debt levels. Both parties are responsible for our near-record levels of debt, and they will need to work together to fix it.
Our suggestion to our leaders: don't play chicken with the debt ceiling, and stop adding to the debt – both are irresponsible and undermine the strength of our nation.
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