Dear Colleague on Today’s Floor Action on Debt Limit
Dear Democratic Colleague,
Today, I write with important updates about how we will proceed on protecting the full faith and credit of the United States, which is written into the Constitution: The Fourteenth Amendment, Section Four states, “The validity of the public debt of the United States, authorized by law… shall not be questioned.” This evening, we will pass legislation that 1) paves the path in the Senate for raising the debt limit at the fifty one-vote threshold, 2) rolls over the PAYGO scorecard until 2023 to prevent sequester cuts to Medicare and critical supports for American farmers, and 3) extends key Medicare provisions for America’s seniors. Once the Senate has passed the legislation lifting the debt limit, the House will take up that bill and send it to the President.
Addressing the debt limit is an imperative: for families, we must prevent a loss of millions of jobs and trillions in household wealth and drastic increases in interest for car loans, student debt, mortgages, credit card bills and other types of borrowing. For the American economy, we must address the debt limit to stave off an unnecessary and catastrophic drop of trillions of dollars of GDP and a devastating downgrade to our credit rating. And for the global economy, we must act to prevent a massive drop in the value of the dollar, with capital flowing away from the U.S. economy, lower global trade and shockwaves being sent through other economies.
Let us remember that addressing the debt limit is not about future spending. This is about meeting obligations that the government has already incurred, largely during the Trump Administration. Only three percent of the current debt has been accrued under President Biden.
Also this evening, the House will move to pass a clean National Defense Authorization Act, which will keep America safe, support our servicemembers and their families and advance our leadership in the world.
Updates on other legislation, including the Build Back Better Act, are forthcoming, as developments proceed in the Senate.
Thank you for your leadership For The People.