.... "It is important to remember that increasing the debt limit is Congress's responsibility, and Congress's alone. That is because only Congress has the power to extend the nation's borrowing authority. No Congress in the history of the United States has failed to meet this responsibility."
The Treasury chief criticized a push by some lawmakers to tie spending cuts to increasing the Treasury's borrowing authority, noting that "raising the debt limit has nothing to do with new spending.
"It is about fulfilling spending obligations that Congress has already made and paying bills that have already been incurred."
Opposition Republican lawmakers are considering policy riders to a debt ceiling bill that would help reduce the debt. President Barack Obama's Democratic administration has stood steadfastly against the attachment of any conditions to the debt action.
Lew pressed Congress to avoid a self-inflicted wound to the US economy as it enters 2014 with momentum from robust strength in the 2013 fourth quarter.
"This can and should be a breakthrough year for our economy," he said.
"Congress should act quickly to resolve the debt limit without unnecessary delays or political posturing that could snowball into a manufactured crisis that the American people so clearly want us to avoid."
.... "It is important to remember that increasing the debt limit is Congress's responsibility, and Congress's alone. That is because only Congress has the power to extend the nation's borrowing authority. No Congress in the history of the United States has failed to meet this responsibility."
ReplyDeleteThe Treasury chief criticized a push by some lawmakers to tie spending cuts to increasing the Treasury's borrowing authority, noting that "raising the debt limit has nothing to do with new spending.
"It is about fulfilling spending obligations that Congress has already made and paying bills that have already been incurred."
Opposition Republican lawmakers are considering policy riders to a debt ceiling bill that would help reduce the debt. President Barack Obama's Democratic administration has stood steadfastly against the attachment of any conditions to the debt action.
Lew pressed Congress to avoid a self-inflicted wound to the US economy as it enters 2014 with momentum from robust strength in the 2013 fourth quarter.
"This can and should be a breakthrough year for our economy," he said.
"Congress should act quickly to resolve the debt limit without unnecessary delays or political posturing that could snowball into a manufactured crisis that the American people so clearly want us to avoid."