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Debt Ceiling Fast Approaching

 

Congress and the administration have limited time to address the fast-approaching debt ceiling, which the U.S. could reach as early as August, according to Budget Director Mick Mulvaney.  Two opposing viewpoints have been circling among Republicans on both ends of Pennsylvania Ave.: pass a clean debt ceiling bill to avoid defaults and a possible government shut-down; or use this must-pass legislation as a vehicle for other GOP priorities such as health care and tax reform.

On Tuesday, President Donald Trump indicated that—by designating Treasury Secretary Steve Mnuchin as the administration’s point-person on debt talks—he wants Congress to pass a clean bill. Mnuchin has advocated for a clean bill to increase the debt ceiling, and has urged Congress to tackle it prior to the August recess, making July 28 the deadline for lawmakers to act.

NSBA urges Congress to take a long-term look at the debt ceiling and act to ensure our nation’s fiscal sustainability for many years to come. Conversations about the current debt limit must include discussions about reducing the overall debt, even if not tackled at the same time. Click here for more.

 

Posted by on June 7, 2017. Filed under Latest News, Tax & Budget. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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