WASHINGTON (WOWO): Indiana Congressman Jim Banks is coming out against a possible increase to the federal government’s “debt ceiling.”
Lawmakers in Washington need to come up with a budget plan by August, but so far there aren’t many signs of progress. That’s prompted Banks to release the following statement to WOWO News:
“In the coming weeks, members of Congress will vote on whether to raise the debt ceiling and increase the federal government’s ability to borrow money. With our country $20 trillion in debt, simply maintaining the status quo and allowing more debt to accumulate on the national credit card is unacceptable.
“Republicans control the House, the Senate and the White House, and we must work together to pair any debt ceiling increase with significant fiscal reforms. I stand ready to work with my colleagues and the Trump Administration to address our debt problems before our country is thrust into a fiscal crisis.”
If Republicans do need to raise the debt limit, the Associated Press reports that they’ll have to do so with the support of Democrats, which may not come easily.