Republican Congressman Vern Buchanan said on Tuesday that he introduced 10 bills to start the new year, including a bill withholding pay raises from lawmakers unless they balance the federal budget and a constitutional amendment requiring Congress balance the budget
WASHINGTON (Pakistan Point News / Sputnik - 24th January, 2023) Republican Congressman Vern Buchanan said on Tuesday that he introduced 10 bills to start the new year, including a bill withholding pay raises from lawmakers unless they balance the Federal budget and a constitutional amendment requiring Congress balance the budget.
Buchanan introduced the No Pay Raise for Congress Act, which prohibits pay raises for members of Congress in any fiscal year they fail to balance the budget, as well as amendment to the US Constitution requiring Congress balance the federal budget, the lawmaker said in a statement.
"As we begin the new Congress, we need to focus on getting our country and our economy back on track," Buchanan said in the statement.
Buchanan described the balanced budget amendment as his "signature bill" and an urgent priority as the US debt nears $31.5 trillion, according to Treasury Department data.
Earlier this month, Treasury Secretary Janet Yellen warned Congress that the United States will soon reach its outstanding debt limit. The Treasury Department is taking extraordinary measures to avoid a government debt default, Yellen said.
A US debt default risks sparking a recession or global financial crisis, Yellen added.
Earlier on Tuesday, Yellen again urged Congress to promptly raise the debt ceiling as the Treasury Department begins to cut investments in the Government Securities Investment Fund, a part of federal employees' retirement system.
Last week, US House Speaker Kevin McCarthy agreed to meet with President Joe Biden about a "responsible" debt ceiling increase, as well as "irresponsible" government spending.
