Jobs and Economy

Treasury Issues Another Warning Against Debt Ceiling Games

Republicans, including Rep. Paul Ryan, are again threatening to not pay America's bills.  So here comes another warning telling them what they should already know – that playing games with the debt ceiling puts our country’s economy at risk. From the New York Times:

“With its new budget deal, Congress has avoided one threat of another government shutdown. But unless Congress acts, the threat of a breach of the debt ceiling looms early next year, the Treasury Department warned in a letter to congressional leaders on Thursday.”

“Treasury Secretary Jacob J. Lew said that the government might run out of cash to pay the country’s bills by late February or early March. That sets up yet another showdown in Congress over raising or suspending the debt limit, a statutory limit on the total amount of United States borrowing, early in the year.”

“’The creditworthiness of the United States is an essential underpinning of our strength as a nation; it is not a bargaining chip to be used for partisan political ends,’ Mr. Lew said in the letter. ‘Increasing the debt limit does not authorize new spending commitments. It simply allows the government to pay for expenditures Congress has already approved.’

Hopefully Republicans will take note of this warning and break their destructive cycle of gamesmanship.