WASHINGTON, DC – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement in response to the federal government hitting the debt ceiling:
“The American people rightfully recognize that maintaining Washington’s status quo, which runs up massive deficits and adds trillions to our national debt, is unsustainable. They see how Democrats’ reckless spending has led to the worst spike in prices in forty years that is robbing their paychecks. They are looking to their elected officials for leadership – not political brinksmanship. Instead of attacking his political opponents, President Biden should be spending this time working with House Republicans to address the debt ceiling in a way that imposes some fiscal sanity. Otherwise, the President is simply scheduling America’s next debt crisis.
“Despite federal revenues hitting an all-time high of $4.9 trillion last year, Washington still cannot keep up with its spending habit. Such unchecked spending will have dire consequences. Congress cannot continue mortgaging our children and grandchildren’s futures to borrow from foreign nations like China, while interest rates have risen more in the past year than in the last 15 years combined.
“I once again urge President Biden and Majority Leader Schumer to work with House Republicans. Together, we can find commonsense solutions to halt reckless spending, put American’s finances on stable footing, and ensure we meet our debt obligations.”