A Georgia Congressman has introduced legislation he says would lower the nation’s debt ceiling from $14.3 trillion to $13 trillion.
U.S. Rep. Paul Broun, R-Ga., introduced the Debt Ceiling Reduction Act, which would kick in at the start of FY 2012. The measure would require Congress to begin to paying down a portion of the national debt in addition to cutting spending, according to Broun.
“Should my legislation be signed into law, Washington would have to actually make the cuts that until now they’ve only talked about, and our national debt would be one step closer to being manageable,” Broun said in a statement. “My legislation would not just slow down, or stop the reckless spending train; it would completely turn it around.
“Americans are tired of lawmakers who talk out of both sides of their mouths and make promises that they can’t keep,” Broun added. “This bill offers a real and true solution for our fiscal dilemma, and I whole heartedly hope that my colleagues will either ante up – or try their luck at another profession.”
If Congress doesn’t take action by Aug. 2, the country risks a default on its debt obligations, officials warn.