Bishop Statement on Hollow Debt Ceiling Bill
Rep. Sanford D. Bishop, Jr. released the following statement after the U.S. House of Representatives voted on a bill to increase the federal debt ceiling without any deficit reduction measures. The bill failed to pass under a suspension of the rules which require a two-thirds majority by a vote of 97-318.
"Our government should always pay its bills and meet its obligations. It would be irresponsible not to honor our debts. But years of uncontrolled borrowing and spending to the tune of over $14 trillion threatens our economic security and our national security. Much of our nation's debt is held by China, Japan and OPEC countries--our global competitors.
"If we don't break our deadly addiction to financing our government on credit and don't immediately change our fiscal ways, by 2020 we will only be able to pay the interest on our debt, Social Security, Medicare and Medicaid. No defense, no education, no transportation and no infrastructure.
"I voted against raising the debt limit because I believe increasing it should be tied directly to an enforceable and responsible framework to reduce spending, pay down the debt and balance the budget. The debt ceiling bill failed to do that."