North Baltimore Journal

Bill conditions debt ceiling increase on extreme political concessions

(WASHINGTON, DC) – Congressman C.A. Dutch Ruppersberger today voted against legislation that would recklessly condition the U.S. government’s full faith and credit on ideologically extreme concessions. H.R. 2811 passed the U.S. House of Representatives in a party-line vote but is expected to fail in the U.S. Senate and President Joe Biden has already issued a veto threat.

The bill would suspend the debt limit – the amount the U.S. is allowed to borrow to finance past expenses made by previous Congresses and Presidents of both parties – through March 31, 2024, by a maximum of $1.5 trillion. The bill would also set 2024 spending bills at 2022 levels and allow for only 1 percent increase each subsequent year – resulting in drastic cuts to education, border security, public safety and more. It repeals tax credits that have created thousands of manufacturing jobs, rolls backefforts to reduce Americans’ utility bills and fight climate change and jeopardizes vulnerable Americans with unrealistic work requirements for federal benefits.

“Defaulting on our debt would tank the economy, double unemployment and crash the stock market,” Congressman Ruppersberger said. “So tying the debit limit to any condition – let alone conditions this extreme – is totally irresponsible. We must avoid default unconditionally, just as Congress did three times during the prior Administration.”

In Maryland, specifically, H.R. 2811 would:

• Risk Medicaid coverage for 235,000 people;
• Threaten food assistance for 18,000 people aged 50-55;
• Eliminate preschool and childcare for at least 3,600 children; and
• Increase housing costs for at least 13,900 people.

Draconian and cruel spending cuts are not the only way to pay down the deficit. In fact, under President Biden, Congress has already achieved an historic deficit reduction. The President’s budget reduces it by another $3 trillion while investing in American priorities like childcare, healthcare, education and infrastructure.

Original source can be found here.