DETROIT (WWJ) – House Republicans voted “no” Tuesday night on a proposal to increase the nation’s debt limit by $2.4 trillion, raising it up to $16.7 trillion, without any spending cuts.
The final vote was 318 against, 97 in favor.
Despite the rejection, WWJ’s Greg Bowman spoke with a Democratic Michigan Congressman who said the debt limit must be raised … and soon.
Detroit area Congressman (D) Hanson Clarke said we do need to cut spending but he is in favor of raising the nation’s debt limit for the short-term.
“We’ve got to increase this debt limit in the short-term, otherwise interest rates for Americans are going to sky-rocket, investors will likely not want to invest in the United States, that could derail the value of the dollar, that means people’s money is going to be worth a lot less, we can’t allow that to happen,” said Clarke.
Michigan U.S. Representative Thaddeus McCotter – a Republican – told WWJ that we should not raise the debt limit.
“You’re going to continue to go into debt, it’s going to weigh heavily on the American economy, we are going to continue to see the recession keep hold, we’re going to continue to see further slow patches which could lead to even worse, I think you already feel the absence of fiscal integrity in Washington now,” said McCotter.
“What we want to do is have a balanced budget amendment put out to the states, in the interim, you have significant budget reforms put in place, including spending caps and significant spending reductions, it will put you on the path to fiscal solvency and fiscal integrity, otherwise you are just going to have the government try to raise it again,” McCotter said.
He said raising the debt limit will take a toll on the economy and the country will continue to go into debt.