The debt ceiling (see video and cartoon below):
- Regarding the debt ceiling, the United States is expected to hit the statutory limit somewhere around October 17.
- We are currently in a government “slow down” because the budget has not been resolved for the new fiscal year, starting October 1.
- If we exceed our debt ceiling, we will have a greater issue. If the status quo exists past that date, we will be unable to meet our daily financial obligations. So, the White House and the Treasury will have new significant authority to choose between creditors, those who provide services to the federal government, and those who receive services from the government.
- Default is irresponsible, would cause serious concern within the markets, and it would be another transfer of power to the Executive Branch.
- But every debt ceiling occasion should also be another moment to determine how we stop adding so much debt and how we reduce our spending.
- Our nation has almost $17 trillion in debt and $71 trillion in unfunded obligations. That debt will only grow, if we do not change course. [U.S. Rep. James Lankford, (R) Oklahoma]