Washington–Today, the House of Representatives passed H.R. 3442, the Debt Management and Fiscal Responsibility Act. This legislation establishes a new debt limit framework that enhances accountability, reduces disruptive risk, and incorporates debt reduction solutions. Congressman Mike Conaway (TX-11) released the following statement of support upon passage:
“Just like in a household, it is irresponsible as a nation to just sit back and take on debt without a plan to tackle the debt you’ve already accumulated. Our growing national debt poses the threat of uncertainty to our country, and this legislation clearly outlines a new debt limit framework to ensure that the debt limit is not increased overnight just because the President asks for it. President Obama’s current approach to our national debt is to just spend and watch it grow, without an ounce of accountability.
“As we pass this legislation today, I also call upon my colleagues to rein in unnecessary federal spending. Our national debt is currently $19 trillion and rising, and wasteful spending will only increase that number. As we begin the appropriations process, Congress needs to reevaluate its priorities and act responsibly in the best interest of our children, our grandchildren, and all the generations that will come after.”
The passage of the Debt Management and Fiscal Responsibility Act follows the Default Prevention Act, which passed the House last fall. Just as the name suggests, the Default Prevention Act protects our country from defaulting on our loans. This legislation, which is awaiting approval in the Senate, is critical to ensuring that the full faith and credit of the United States is not harmed.
