U.S. Senator Tim Johnson today released the following statement on the passage of the Debt Limit Act:
I am relieved that we have avoided a repeat of the political brinksmanship that we saw in 2011. That foolish game of chicken sent the stock market plummeting and led one credit rating agency to downgrade our nation's credit rating. Today's vote does not authorize any new spending. It merely means that our country will pay the bills that have already been incurred. I would have preferred a longer-term extension that would have provided greater stability to our economy. Although more needs to be done, Congress has taken a number of important steps in recent years to achieve nearly $2.5 trillion in bipartisan deficit reduction. I remain committed to working with my colleagues to develop a balanced approach that continues rooting out wasteful spending and that raises revenue by closing corporate loopholes and making sure the wealthiest Americans are paying their fair share.