January 25, 2013

Congressman supports debt-control legislation


---- — PLATTSBURGH — North Country Congressman Bill Owens voted in favor of legislation Wednesday that addresses the national debt problem.

The House of Representatives passed H.R. 325, the “No Budget, No Pay Act,” by a vote of 285 to 144. The bill provides an additional four months to avoid a default on the national debt by temporarily lifting the cap on the “debt ceiling.”

Owens supported the legislation to avoid a default, according to a news release from his office, but he called on members of Congress to enact longer-term solutions.

“I supported today’s legislation because a default on the national debt would threaten America’s credit rating and the economic recovery,” Owens said Wednesday.

“At the same time, Congress can’t keep kicking the can down the road. With sequestration on the horizon and an unacceptable level of federal debt, Congress needs to chart a path toward responsible federal spending cuts right away that will inject long-term certainty into the economy for the benefit of businesses and middle class workers.”

H.R. 325 temporarily lifts the so-called debt ceiling, which governs how much the Treasury Department can borrow to meet federal obligations, including military salaries, social security checks and similar payments, the release said.

Under the bill, the government may borrow as much as is required to continue financing government operations through May 19.

In addition, the bill included language to withhold pay from members of Congress in the event that a budget is not passed by each house of Congress by April 15.

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