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www.rides4u.com 18  OABA ShowTime Magazine | MARCH 2023


said he preferred keeping spending is- sues apart from the debt ceiling, which would allow the US government to make payments on debt that has already been incurred from previous spending deals. The tension in the GOP boils down to ultra-conservative Republicans, who as part of the deal to back McCarthy for speaker, won agreement to tie the debt ceiling increase to a budget agreement or other fiscal reforms.


Although policymakers have often enacted “clean” debt ceiling increases, Congress has also coupled increases


new spending; it is about paying for previous choices policymakers legislated;


 No matter where you stand politically, policy experts have questioned the usefulness of a debt limit…it should be noted that only one other ad- vanced country — Denmark — has a separate debt limit rule like ours;


 If the debt limit were not raised, the amount of spending cuts and/or tax increases required would equal $1.5 trillion this year and $14 trillion over the next 10 years; and


continued


one of McCarthy’s most influential advo- cates in the intra-party battle to elect the California Republican as speaker earlier this year and he proved key in persuad- ing some conservative holdouts to clear the way for McCarthy to win after 15 rounds of voting. That experience could be pivotal in crafting a legisla- tive solution to raise the federal debt limit. Treasury Secretary Janet Yellen has signaled the government could run out of cash after early June, and while the clock ticks toward a crippling payments default later this year, an emboldened GOP right flank is eager to use the debt ceiling as leverage to extract federal spending cuts.


McHenry chairs the House Financial Services Committee, giving him a deep understanding of financial markets, which face major turmoil in the event of any default. Last month, McHenry


with other legislative priorities. In several cases, Congress has attached debt ceiling increases to budget recon- ciliation legislation and other deficit reduction policies or processes. Most of the major deficit reduction agreements made since 1980 have been accom- panied by a debt ceiling increase. On some occasions, the debt limit has been used successfully to help prompt deficit reduction, and in other cases, Congress has tacked on debt ceiling increases to deficit reduction efforts.


Understanding the Debt Limit As this debate continues, it’s impor-


tant to understand what it means and why it’s important to all of us. A few key facts about the debt limit:  The debt limit has been raised con- tinually for more than a century;  Raising the debt limit is not about


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