Bipartisan Lawmakers Preparing Plan to Avert Debt-Ceiling Crisis

A bipartisan group of lawmakers is preparing a plan to defuse a looming crisis over the nation's debt ceiling by changing it from a fixed dollar amount to a percentage of national economic output, the group's top Republican said on Sunday.

The proposal would replace Washington's current federal debt ceiling — currently set at $31.4 trillion — with a rule that would instead limit debt to a share of national economic output, said Rep. Brian Fitzpatrick, R-Pa., the co-chair of the moderate Problem Solvers Caucus.

Appearing on Fox News Sunday with Problem Solvers co-chair Rep. Josh Gottheimer, D-N.J., Fitzpatrick said House Speaker Kevin McCarthy, R-Calif., will be taking the lead in negotiations with the White House over the debt ceiling. But he and Gottheimer were "putting meat" on the bones of their proposal to help avoid a crisis.

"We're just going to offer up ... a possible bridge building solution," Fitzpatrick said.…

…Gottheimer said: "I've had conversation with the White House just this weekend, and I'm optimistic that they will sit down" to discuss the debt ceiling with Republicans…










Read more news: https://www.newsmax.com/newsfront/debtceiling-mccarthy-biden/2023/01/22/id/1105449/







A bipartisan compromise on this issue is mandatory to our national credit rating. Neither side should take the nation to the brink of an event that could trigger a massive recession over getting 100% of what they want. Keeping the debt ceiling at a certain set % of the national economy is a good idea.

 

This is one of those times a compromise is most certainly in order. We can’t default on our debt and we need to manage its increase more responsibly.

 

The debt is definitely an issue that needs addressing that’s for sure

 

The way I read this, is by changing it to a "% of economic output", that's going to put even more pressure on US workers/market place to meet the percentages, which will come in the form of taxation. Indeed, one could argue this is opening the door to the EU'S VAT tax here in the US. Never underestimate the government's ability to take as much money from the general populace as possible.

 

Why does the gop and rightists only care about the debt when they don't have total control of government?

 

Thats the heart of the problem, instead of being concerned about it, people/voters blame each other.. LIKE WE have a say when we fight among ourselves

 

The last two times we had budget surpluses or paltry deficits were when Republicans were in control and because of their policies. When have the Dems done so when they were in control and because of their policies?

Which Dems are CURRENTLY concerned about the debt and deficits?

 

The empirical reality is that roughly 25% of our total national debt incurred over the last 230 years actually occurred during the 4 years of the Trump regime. When Trump was sworn into office in January 2017, the national debt stood at $19.9 trillion. By November 2020, the debt had increased to over $27 trillion. Under Trump, Republicans voted to raise the debt ceiling three times.

​

 

Agreed. It’s a great idea to always cap it at a level under the total value of our national economy and reduce it from there in high income years so we have a cushion for a rainy day kind of year.

 

I think that they are going to have to cut the rate of increase in spending to stay under such a cap. No way a tax increase happens with the House in the hands it’s in now. Your fear though should be guarded against for sure.

 

Why do the democrats never care about the debt when they have total control of government?

 

7 t in four years compared to 5 t in two years. Your side is accelerating even faster and it’s time to apply the brakes now that Covid spending is largely over.

 

"My side" is whichever one supports empirical data over hyper-partisan fantasy, in fiscal matters as well as certified democratic elections.

Trump Added More to the National Debt Than Obama and Bush
Roughly 25% of the nation's debt was incurred during the Trump Administration.

Trump’s legacy: $8 trillion-plus in added debt in one term​

 

Lolwut?
The Last President who had a Budget Surpluses was Bill Clinton...
He had budget surpluses for fiscal years 1998–2001, the only such years from 1970 to 2018. Clinton's final four budgets were balanced budgets with surpluses
Then, Bush 43 Mucked it up by Cutting Taxes...

 

You are so cute.

You both voted for the POTUS who increased the debt by 25% in his 4 year term alone.

A record that will never be broken.

But as always, when a Democrat is in power, the debt becomes a national issue for Republicans.

 

It's not a debt ceiling crisis.

It's a Republican control of congress crisis.

 

He spent less his first 3 years than Obama while also out performing him.

 

I agree with your post 100%/

 

Which Dems are CURRENTLY concerned about the debt and deficits?

Can you link me to any of your previous post where you objected to the emergency COVID spending?

 

Everything you said is fake news bruh.

 

Because the Dems are busy cleaning up the shitmess the GOP left after they defiled everything.

You're welcome.

 

Do you just make up your own history?

Four time budget surplus in last 50 years- 1998, 1999, 2000 ( Clinton) and 2001 ( Bush)

 

GOP only do lip service about debt , their president spend money like drunken sailor.

Here are the status


H Bush 1.5t+ W. Bush 5.8t Trump 6.7 = 14 trillion in 16 years compare to Clinton 4.4t+Obama 8.6t + Biden 2t = 15 trillion 18 years. Keep in mind Clinton handover the country to Bush with 3 consecutive surplus year to Bush , and Bush hand over the country to Obama with the “ Greatest recession since the great Depression (Quotes from W himself)”. Bush spent 5 trillion dollar because an old guy guy in cave threaten America

 

Not that I'm right wing per se, but to me this is a fakeout designed to look like they're 'doing something' when in fact, the new proposed system will probably result in higher revenues for the government. If i'm correct on that, then there's no need to worry. Big government will big government.

 

Democrats concern is not defaulting, preventing the catastrophic results if America didn't pay their bills, which by the way would add to the debt down the road.

The time to talk spending is with budgets, not when the IOU's are here, the late summer and fall is a more appropriate time for debt concern with the budget due