Baucus Comments on Legislation to Raise Debt Limit
Finance Chairman Calls Move “Serious and a Sobering Reminder”
Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) commented today following Senate passage of legislation providing for a $290 billion increase in the public debt limit. The Treasury Department informed Congress that an increase would be needed before Congress returns from adjournment in order for the Federal government to meet its financial obligations after the current debt limit of $12.104 trillion is reached. The House of Representatives had previously approved the increase of $290 billion, which raises the debt limit to $12.394 trillion.
“The Treasury Department informed Congress we must again increase the debt limit or there could be a reduction in the credit-worthiness of the U.S. Government. This responsibility is serious and a sobering reminder we have work to do in restoring fiscal balance and discipline to government,” Baucus said. “The road to fiscal security begins with passing comprehensive health care reform legislation, which independent, non-partisan authorities have made clear reduces our long-term deficit and puts this nation back on track toward fiscal responsibility.”
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