The following is a press release from NC Congresswoman Virginia Foxx.
Congress increases debt limit by $1.9 trillion, Foxx votes no
WASHINGTON—The U.S. House of Representatives today voted to increase the national debt limit by $1.9 trillion. North Carolina Congresswoman Virginia Foxx voted against increasing the national debt limit, citing the federal government’s runaway spending.
“Reckless spending requires reckless borrowing, so this vote is no surprise,” Foxx said. “Federal spending on so-called discretionary programs increased 84 percent over the past two years—and these increases have been financed entirely by new debt. The time has come to stop these out-of-touch spending increases so we don’t have to keep jacking up the national debt.”
Today’s vote increases the federal government’s debt limit by $1.9 trillion to $14.294 trillion, an increase of more than $6,000 for every person in America. This is the second increase in the national debt in less than two months and is the largest one-time increase in the debt limit ever.
“Speaker Pelosi may talk about reducing debt and deficits, but the facts speak for themselves: we are looking at a record-breaking amount of federal spending and the largest budget deficit in history,” Foxx said. “We must rein in federal spending and get serious about balancing the budget.”
Under the President’s budget, unveiled earlier this week, the national debt will rise from $9.961 trillion at the beginning of 2009 when President Obama took office to more than $25.77 trillion in 2020—an increase of 147 percent. As a result, over the next ten years, the federal budget deficit will average $917 billion every year under the President’s budget.