WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House passed a short-term extension of America’s debt limit:
“Today, the House voted for a short-term increase of America’s debt limit—a necessary action that allows our nation to continue paying its bills. Without increasing our debt limit, America would default on its loans and go insolvent, a result that would be catastrophic for our economy and all those who depend on vital services, like Social Security, provided by the federal government. That’s why I supported today’s action.
“The Treasury Department has made it clear that this short-term increase will allow us to pay our bills through February. But Many of my colleagues have understandably made their support for a long-term increase dependent on a concrete actions to address our deficit. I agree: our country is in a deep fiscal hole, brought about largely by the last administration’s decision to enact massive tax cuts while paying for two wars with borrowed money, along with the recession and the costs of recovering from it.
“A long-term deficit strategy should include a renewed statutory commitment to paygo—the principle that we will pay for what we buy—which is supported by President Obama, and which has passed the House repeatedly this year. The strategy should also include a bipartisan commission empowered to offer specific policy changes to get our deficit under control. While there are substantive differences over the shape and role of that commission, it can serve an important function in developing and building consensus around a needed response to our deficit.”