Press Releases
Webster Statement on President's Debt Limit Increase
May 21, 2011
(Winter Garden, FL) – Congressman Daniel Webster (R-Winter Garden) released the following statement today following the House of Representatives’ bipartisan vote against an unconditional debt limit increase:
“The bipartisan opposition to an unconditional debt limit vote reflects the seriousness of our debt challenge. At a time when many families have to do more with less, the President asked Congress to extend its credit limit without any accountability and we said, no. Now is the time to begin a fact based discussion about our runaway spending problem. I joined other House members to make it plain that the only way we can consider raising the debt ceiling is to have real and lasting reforms that move us towards a balanced budget,” said Congressman Webster.
Background:
H.R. 1954 would increase the current statutory debt limit by $2.406 trillion, from $14.294 trillion to $16.7 trillion. The 16.8 percent increase would be the fourth time the debt ceiling has been increased since February 2009.
The statutory national debt limit sets the legal ceiling for how much money the federal government may borrow. The national debt combines both the total debt held by the public (money owed to U.S. debt holders) and intergovernmental holdings (debt held by the U.S. government in certain trust funds). According to the Department of Treasury, the national debt subject to the statutory limit has reached the debt ceiling and is currently at $14.294 trillion or 95 percent of the Gross Domestic Product. The current share of the debt is $48,893 for every man, woman, and child in the U.S. According to Treasury Secretary Geithner, the Treasury Department is in a position to use “extraordinary measures” to extend borrowing authority through August 2, 2011. If no further borrowing could occur because the debt ceiling had been reached, the federal government would be forced to rely solely on incoming receipts and spending would be drastically curtailed.
“The bipartisan opposition to an unconditional debt limit vote reflects the seriousness of our debt challenge. At a time when many families have to do more with less, the President asked Congress to extend its credit limit without any accountability and we said, no. Now is the time to begin a fact based discussion about our runaway spending problem. I joined other House members to make it plain that the only way we can consider raising the debt ceiling is to have real and lasting reforms that move us towards a balanced budget,” said Congressman Webster.
Background:
H.R. 1954 would increase the current statutory debt limit by $2.406 trillion, from $14.294 trillion to $16.7 trillion. The 16.8 percent increase would be the fourth time the debt ceiling has been increased since February 2009.
The statutory national debt limit sets the legal ceiling for how much money the federal government may borrow. The national debt combines both the total debt held by the public (money owed to U.S. debt holders) and intergovernmental holdings (debt held by the U.S. government in certain trust funds). According to the Department of Treasury, the national debt subject to the statutory limit has reached the debt ceiling and is currently at $14.294 trillion or 95 percent of the Gross Domestic Product. The current share of the debt is $48,893 for every man, woman, and child in the U.S. According to Treasury Secretary Geithner, the Treasury Department is in a position to use “extraordinary measures” to extend borrowing authority through August 2, 2011. If no further borrowing could occur because the debt ceiling had been reached, the federal government would be forced to rely solely on incoming receipts and spending would be drastically curtailed.