U.S. Senator Angus S. King, Jr. (I-Maine), a member of the Senate Budget Committee, released the following statement after his vote today to suspend the debt limit:
"I am pleased that the House and the Senate were able to reach an agreement on the debt limit that not only avoids defaulting on our nation's obligations, but that sets the Senate up to proceed with the creation of a budget for the first time in four years and holds us accountable if we don't follow through," said Senator King.
"If we had failed to suspend the debt ceiling we would have jeopardized the full faith and credit of the United States, and the results would have been devastating to our economy. It's critical we bear in mind that a suspension of the debt ceiling only authorizes the federal government to pay bills that it has already incurred.
"While the passage of today's bill was necessary, it does not solve the future problems associated with our nation's debt. The legislation fails to achieve long-term solutions that are sorely needed to ensure economic stability. The issues continue to confront us, although the deadline is now four months away.
"An integral facet of addressing those long-term needs will be passing a budget resolution. As a member of the Senate Budget Committee, I look forward to working closely with my colleagues in this endeavor. We will need to explore additional revenues and further spending reductions to proceed in a balanced manner. No one is going to be happy with how we get there, but we must make the tough choices and keep our promise to the American people."