U.S. Senator Katie Britt voted against the bipartisan debt ceiling plan, H.R. 3746 – the Fiscal Responsibility Act, on Thursday after efforts to amend the package were blocked. The debt ceiling sets the amount of money the U.S. Department of the Treasury can legally borrow to pay the country’s financial obligations. H.R. 3746 will suspend the debt ceiling with no set monetary limit, among other provisions. The national debt is currently more than $31.8 trillion. The deficit is estimated to grow by as much as $4 trillion over the next 19 months.
“The United States currently has a national debt of nearly $32 trillion, and it is rapidly rising with each passing minute,” said Senator Britt. “It’s clear that if we don’t change our dire financial trajectory, it will make the American Dream unattainable for our children and our children’s children. This issue is not only a question of our country’s economic security, but our moral obligations to future generations. Decisive action and tough decisions are needed to finally get control of wasteful government spending and put America’s fiscal house in order. While I appreciate the diligence of Speaker McCarthy in attempting to make the best out of the crisis scenario caused by months of President [Joe] Biden refusing to even have a conversation about this issue, we must do more.”
Both Britt and Senator Tommy Tuberville voted no on the debt ceiling deal.
Senator Britt joined Senator Rick Scott (R-Florida) and eight Republican colleagues to introduce the Full Faith and Credit Act, legislation that would have ensured that the federal government avoids default and prioritizes meeting America’s obligations to our military, veterans, and seniors after reaching the debt ceiling.
During debate of H.R. 3746 on the Senate floor, Senator Britt supported several efforts to improve the legislation in a fiscally responsible manner. However, all of these amendments were defeated by Senate Democrats.
On Thursday night, the Senate voted to send a compromise bill to President Biden’s desk that extends the government’s borrowing authority until January 2025 and staves off a potentially disastrous default next week.
A large bipartisan majority of the Senate voted 63 to 36 to approve the bill, which passed the House on Wednesday night.
31 of the 49 Senate Republicans voted against the deal, including Senate Republican Conference Committee Chairman John Barrasso (Wyoming).
Senate Democrats were not happy about caps on non-defense discretionary spending, tougher work requirements for federal food assistance, and approval of a controversial natural gas pipeline. Forty-five of the Senate Democrats voted for the bill to avoid default. Four Democrats and independent Bernie Sanders voted against the deal.
The bill was negotiated between President Biden and Speaker of the House Kevin McCarthy (R-California).
“No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people,” President Biden said in a statement.
The federal government collects $4.7 trillion in taxes, including $2.6 trillion in income tax revenues. The federal government spends $6.1 trillion annually, producing a current budget deficit of $1.48 trillion annually.
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