HUNTSVILLE — On Thursday, the U.S. government hit its debt limit, which is the total amount of money the government can borrow to meet its financial obligations, according to the U.S. Department of Treasury (USDT).
By instituting "extraordinary measures," the USDT will be able to keep the government afloat through spring. In the meantime, U.S. Rep. Dale Strong (R-Huntsville) said Congress needs to work on a solution, one that cuts spending nationwide.
"When you're approaching a $32 trillion debt, that's concerning to anyone," Strong said during a press conference in Huntsville Thursday. "I believe we've got to work on this together… They [USDT] will do emergency operations to get us to spring probably to a vote. Congress is going to have to make this decision on the debt limit, paying for debt from previous Congresses."
Strong said he believes the rules package House Republicans were able to negotiate following the contentious House Speaker race will help reel in government spending.
"I do believe that the rules package that was passed will lead to reduced spending," Strong said. "I think that was a huge step, but again, we've got to be sure that the White House will communicate with not only the Senate but also the House, and together, a solution has got to be made. But cutting spending throughout this country is something that's got to happen."
America's national debt currently sits at $31.4 trillion. According to treasury.gov, it costs $210 billion to maintain the national debt as of December 2022, which makes up 15% of total federal spending.
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