U.S. Congressman Paul Broun, M.D. (GA-10) today released the following statement in reaction to Treasury Secretary Timothy Geithner's announcement that the federal government has met its statutory borrowing limit, known as the debt ceiling. Broun also urged his colleagues to pass his Balanced Budget Amendment.
"President Obama and Senator Reid have known this day was coming, yet they've continued to borrow and spend with reckless disregard for the consequences," said Dr. Broun. "They're asking Congress to increase the debt ceiling so they can keep spending your money at the ridiculous rates they see fit. I truly believe we are in an economic emergency, and it is imperative that we take the necessary steps to solve the problem, just like I would in a medical emergency. We cannot allow more irresponsible spending to dig our economy into a deeper financial hole. Instead, we need to quit digging, and start climbing our way out."
"The liberals in Congress must learn that there are consequences for their actions. I will oppose raising the debt ceiling until we take serious steps toward cutting spending and reducing the amount of money this country owes. I urge my colleagues to start by passing my Balanced Budget Amendment which lays the groundwork for fiscal sanity and prevents this from happening again in the future."
Broun reintroduced his Balanced Budget Amendment at the beginning of the 112th Congress. The Amendment calls specifically for strict restrictions when raising the debt ceiling, limits the growth of the federal budget, and sets other conservative spending reforms in place.
Additionally, Congressman Broun is a cosponsor of H.R. 421, the Full Faith and Credit Act, which would require the Treasury to avoid default by paying due debts and debt service before other spending, should Congress choose not to raise the debt ceiling.