By Leah Valencia, University of New Mexico- Talk Radio News
House Majority Leader Steny Hoyer (D-Md.) said Friday that the House of Representatives will vote next week to increase the the national debt limit by up to $1.9 trillion to avoid a default in U.S. debt.
The Majority Leader said that an increase debt limit is necessary to keep the government running into December of 2010.
“The amount I want to increase the debt is zero,” Hoyer said. “But ... we need to do it so we can meet the bills that we’ve incurred.”
House Democrats are battling to push through legislation that would increase the $12 trillion spending limit by December 31, the date given by the Treasury Department as the deadline for when funds would run out. Passage of the bill would increase the federal debt limit to a total of $14 trillion.
“We are not flexible, we are using December 31 as a deadline,” Hoyer said. “We do not want to wait until the deadline.”
Resistance has been found in fiscally conscious "Blue Dog” Democrats who say they are not willing to vote to increase the deficit unless the legislation includes strict “pay-as-you-go” language, aimed at ensuring that future expenditures will not further increase the deficit.
“The Speaker and I are vowing to make sure we do everything possible to pass statutory Pay-go this year,” Hoyer said. “It would be very difficult to raise the debt limit without support in either chamber of those that are very concerned with fiscal discipline.”
The “Pay-as-you-go measure,” which would require lawmakers to offset new spending by making cuts elsewhere, is expected to be included to a $626 billion Pentagon funding bill that will be voted on next week.
House Democrats Move To Increase Debt Limit
House Majority Leader Steny Hoyer (D-Md.) said Friday that the House of Representatives will vote next week to increase the the national debt limit by up to $1.9 trillion to avoid a default in U.S. debt.
The Majority Leader said that an increase debt limit is necessary to keep the government running into December of 2010.
“The amount I want to increase the debt is zero,” Hoyer said. “But ... we need to do it so we can meet the bills that we’ve incurred.”
House Democrats are battling to push through legislation that would increase the $12 trillion spending limit by December 31, the date given by the Treasury Department as the deadline for when funds would run out. Passage of the bill would increase the federal debt limit to a total of $14 trillion.
“We are not flexible, we are using December 31 as a deadline,” Hoyer said. “We do not want to wait until the deadline.”
Resistance has been found in fiscally conscious "Blue Dog” Democrats who say they are not willing to vote to increase the deficit unless the legislation includes strict “pay-as-you-go” language, aimed at ensuring that future expenditures will not further increase the deficit.
“The Speaker and I are vowing to make sure we do everything possible to pass statutory Pay-go this year,” Hoyer said. “It would be very difficult to raise the debt limit without support in either chamber of those that are very concerned with fiscal discipline.”
The “Pay-as-you-go measure,” which would require lawmakers to offset new spending by making cuts elsewhere, is expected to be included to a $626 billion Pentagon funding bill that will be voted on next week.