Today, the U.S. House of Representatives voted to pass legislation that suspends the debt ceiling for three months and forces the Senate to create and pass a budget, something the Democrat-controlled chamber has neglected to do for four years. If either the House or the Senate fails to pass a budget in that time period, the Members' paychecks will be withheld until a budget is produced.
"Since the Republicans took control, the House has passed a budget every year that seeks to address unsustainable spending and foster a pro-growth environment in our faltering economy," stated Congressman Kevin Brady (R-TX), Chairman of the Joint Economic Committee and senior member of the House Ways and Means Committee. "It's time for the Senate to do the same."
"Clearly, America will pay its debts," Brady continued. "We always have and this vote today will make it more difficult for those who choose to be melodramatic about the debt ceiling in order to gain political points to continue to do so."
President Obama's request to have a permanent unlimited debt ceiling was rejected by House Republicans. "There is absolutely no chance that will occur," Brady made clear. "The debt ceiling is a constitutional prerogative of the House and Senate and a helpful tool to use in order enact spending reforms."
Brady believes that another downgrade to America's credit rating is almost assured due to the federal government's debt and spending. "To avoid this happening again, it is imperative that we get our nation's fiscal house in order. That won't happen until the White House and the Democrat-controlled Senate work with House Republicans to enact serious, bi-partisan reform to entitlement programs, the true drivers of our debt."