Washington, DC –Following a Senate vote on H.R. 325, a temporary extension of the debt ceiling limit, U.S. Senator Ben Cardin (D-MD), a member of the Senate Finance Committee, called on his colleagues to come together to find a bipartisan, long-term solution to our nation’s fiscal problems.
“Like every American family that has used a credit card, when a bill is due, it needs to be paid in a timely manner. The United States of America also has to pay its bills. At no time in our history has our country been unable or unwilling to pay its debts. Raising our debt ceiling had to be done – not so we can spend more, but to pay the bills we already have. Default is not an option. Even delaying the decision to increase the debt limit has put our standing in the world economy in jeopardy and would cost our country and American families. America’s borrowing costs would be permanently higher, and the market’s confidence in our political system would be harmed, perhaps permanently.
“After we approve a debt ceiling increase, we have just a few weeks before sequestration occurs. We were supposed to avoid sequestration. But here we are again, edging closer and closer to these draconian, automatic spending cuts. Soon after that our continuing resolution to temporarily fund the government expires, and then we are back to debating the debt ceiling. Congress must stop stalling. It is time for bipartisan solutions to our fiscal challenges. Americans deserve certainty and stability in the financial markets; small businesses need access to affordable credit. Our seniors who depend on Social Security and working families who are struggling to pay their monthly bills deserve more from their elected leaders. It’s time to move away from stopgap measures and develop comprehensive and fair solutions to solving our long-term deficit and debt problem.”