Rep. Tim Scott (SC-01) released the following statement today as the U.S. government reached its legal debt ceiling of $14.294 trillion.
"What is most concerning to me about today's news is not the fact that the debt ceiling has been reached -- we have seen this coming for months -- but the fact that the Obama Administration has no plan to rein in federal spending, which is jeopardizing the American dream for future generations.
Since gaining the majority in the House of Representatives in January, Republicans have passed a series of measures aimed at cutting spending and putting our nation back on sound fiscal footing. These have either been defeated or ignored by the Democrat-controlled Senate. While his Treasury Secretary has been warning for months about the dangers of a default, our President has failed to present a credible plan to tackle our nation's debt.
This is a time where we need leadership, not partisanship; solutions, not politics. Getting our fiscal house in order is a priority for the American people. The time is up, Mr. President."