October 29, 2013

Crapo Supports Resolution Disapproving of Federal Debt

Says offering blank check on spending sends wrong message about reducing deficits

Washington, D.C. - The U.S. Senate today rejected S.J. Res. 26, a resolution to disapprove of the president's exercise of authority to suspend the debt limit and increase the debt ceiling.  Idaho Senator Mike Crapo supported this resolution of disapproval, urging the President to allow for an open conversation to enact necessary spending reforms before the deadline to raise the nation's borrowing limit is approached yet again.

"Our national debt is now at a record $17 trillion and climbing higher by the day," said Crapo.  "Earlier this month, the president said he would sit down to discuss much-needed reforms of our fiscal policy, only after requiring members of Congress to grant increased debt authority.  The time that Congress and the president will have to address the debt limit once again is rapidly approaching.  For that reason, the president must sit down with members of Congress to put together the kinds of fiscal reforms that should accompany a decision to allow the country to increase its borrowing limit. 

"Negotiations surrounding the debt limit provide an opportunity to enact reforms to make our nation stronger and financially solvent for the future.  The debt ceiling can be a successful tool for putting us on an improved, more responsible fiscal path, as was the case with entitlement and tax reform in the 1980s and spending cuts put in place through the Budget Control Act of 2011.  It is unfortunate that we are in this position.  It took both parties to get us here, and it will take a significant amount of cooperation from Republicans, Democrats and the White House to get us out."