On Tuesday the Senate approved legislation to lift the nation’s debt limit by $2.5 trillion. The 50-49 party-line vote came just one day shy of a deadline set by Treasury Secretary Janet Yellen, who warned that she was running out of maneuvering room to avoid the nation’s first-ever default. A default of the nation’s debt would have consequences to global financial markets, and government payments to Social Security beneficiaries, disabled veterans, and active-duty military personnel would also be called into question.
Alabama lawmakers are reacting to the vote.
Congressman Gary Palmer voted against raising the debt limit, calling it wasteful.
“It seems that the Democrats still can’t accept any limit on wasteful spending, even as we watch inflation inflict financial hardship on American families across the country,” Palmer said in a press release. “The Congressional Budget Office (CBO) also just published the true cost of the Democrats’ massive spending bill, and it would add over $3 trillion to our national debt. The U.S. debt is already 25 percent bigger than the entire economy, and the CBO projects that our debt-to-GDP will be over 200 percent by 2051. That means our debt will be twice as big as our entire economy. Such debt levels will ensure long-term inflation and possibly the loss of the U.S. dollar as the world’s reserve currency. We must recognize the threat to America’s future that such debt levels pose and take action to reduce our debt. We can start by eliminating wasteful spending, eliminating obsolete and unnecessary federal programs, reopening federal lands for oil and natural gas production and increase our exports, eliminating improper payments, and simplifying the federal tax code.”
Rep. Terri Sewell voted in favor of raising the debt limit and pointed out that the U.S. has raised the debt limit before, including during the Trump administration. Sewell also emphasized that raising the debt limit doesn’t authorize future spending. It meets obligations the government has already made.
“Members of Congress should never play politics with the full faith and credit of the United States,” said Rep. Sewell in a press release. “We have an obligation to pay our bills that have piled up under previous administrations including President Trump’s. Addressing the debt limit is the responsible thing to do, and I was proud to join my Democratic colleagues to protect families from catastrophe and pay our bills.”
Senator Richard Shelby voted against the measure, refusing to fund the democrat “liberal wish list”.
“Today I voted against a procedure that would allow Democrats to raise the debt ceiling. If Democrats want to continue spending trillions of dollars to fund their liberal wish list, they should do so alone and not with the help of Republicans. I am disappointed that some of my GOP colleagues have assisted them in this process. We said before that we wouldn’t help Democrats increase the debt ceiling again, and we are only as good as our word.”
The current debt ceiling is $28.4 trillion.
