A bipartisan group of congressmen is hunting for a pathway out of the debt ceiling deadlock that could prevent the nation from paying its bills by June.
Reps. Brian Fitzpatrick and Josh Gottheimer , the co-chairs of the bipartisan House Problem Solvers Caucus, revealed that they are eyeing deep structural reforms to the debt ceiling mechanism and are eager to remedy the impasse which poses a stark risk of an “unacceptable” default on the United States debt payments.”"I'd like to go read at the 1917 debt ceiling law itself that established a debt ceiling.
— CNN February 5, 2023 On Jan. 19, the U.S. hit its statutory limit on the amount of debt it can take on, prompting the Treasury Department to undergo"extraordinary" measures to pay the nation's current obligations while Congress scrambles to find a solution. After June 5, the government will be forced to stop making payments to key programs if the debt limit is not elevated, the Treasury Department estimates.
"I think it's irresponsible not to have the conversation, just like it's irresponsible to default on our responsibilities as a country and put the full faith and credit United States at risk, which is exactly why Brian and I, and the Problem Solvers Caucus are working on this," Gottheimer said.
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