Bipartisan Caucus Releases Debt Ceiling Framework
WASHINGTON — The Problem Solvers Caucus is proposing a bipartisan debt ceiling framework consisting of steps which they say will avoid defaulting on the national debt and advancing a sustainable budget.
Problem Solvers Caucus co-chairs, Reps. Brian Fitzpatrick, R-Pa., and Josh Gottheimer, D-N.J., said in a press release, the framework has their support.
“The debt ceiling and debt crisis demand a two-party solution,” said Fitzpatrick. “I am proud of our caucus’ tireless work to find common ground on this bipartisan framework, which is the first of multiple steps in this process. I hope that our colleagues on both sides will join us in this mission.”
“I’m proud that the Problem Solvers Caucus was able to come together to draft and pass a debt ceiling framework that has support from both sides of the aisle. We can both suspend the debt ceiling and help prevent our nation’s economy from driving off a fiscal cliff — and address our nation’s longer-term fiscal health. It’s a false choice to say we can only do one or the other,” said Gottheimer.
The framework would suspend the debt ceiling through Dec. 31, 2023, “to remove immediate pressure of defaulting on our national debt,” according to the press release.
In addition, it suggests creating an external Fiscal Commission to review and recommend a package to stabilize long-term deficits and debt; adopting bipartisan budget process reform recommendations of the House Committee on Modernization and Joint Select Committee on Budget and Appropriations Process Reform; and adopting controls for the FY2024 budget and appropriations cycle and beyond to help stabilize the nation’s long-term budget during the Fiscal Commission’s work and Congress’ consideration of its proposal.
Reps. Ed Case, D-Hawaii, and Don Bacon, R-Neb., co-led the Debt and Deficit Working Group, which is composed of several members of the Problem Solvers Caucus on both sides of the aisle.
“Congress has a duty to address the debt ceiling and ensure the full faith and credit of the United States, and our bipartisan framework provides a roadmap with which the president and congressional leaders can chart a legislative path that will pass Congress,” said Case.
“As every well-regarded expert, business leader and economist can attest, defaulting would potentially send our currency and markets into a free fall. We could put the full faith and credit of the United States at risk, including losing the U.S. as the pegged currency globally,” the caucus says.
In order to formally endorse a plan, the caucus requires the support of three-quarters of the 31 Republicans and 32 Democrats that comprise the group.
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