Congressman Al Green Expresses Approval of Debt Limit Increase

Statement

On Wednesday, December 15, 2021, Congressman Al Green (TX-09) released the following statement:

"The continuing resolution passed earlier this year in September, H.R. 5305, included a provision to suspend the debt ceiling through December 2021, at which point a new debt limit needed to be established. With the deadline to address that temporary suspension upon us, it was urgent that Congress take action to avoid the United States' first debt default in history," Congressman Al Green said. "The debt limit amount has been modified 98 times since 1945, including for increases and suspensions. It was necessary to modify it once again to maintain a healthy economy, as well as our country's reputation as a trustworthy borrower."

Congressman Al Green continued, "The debt ceiling, the legal limit on how much debt the United States government is allowed to have, takes into account intergovernmental debt, such as social security and retirement trust funds, as well as debt held by the public, such as marketable securities and holdings of the federal reserve system. Failure to raise the debt ceiling this month would have led to disastrous consequences for the American people and put our rapidly expanding economy in great peril. At stake were the livelihoods of working families, who would have had to suffer drastically higher borrowing costs for financial obligations such as mortgages, student loans, credit card bills, and car loans. Now more than ever is the time to strengthen the American economy, not make decisions that will cripple it. Emerging technologies and geopolitical forces demand our nation's stability and preparedness so we can overcome any challenges that may head our way."

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