KNOXVILLE, Tenn. — Representative Tim Burchett (R - TN) said that he plans to continue voting against raising the U.S. debt ceiling.
The U.S. hit its debt limit, also known as the “debt ceiling,” on Thursday, Jan. 19, prompting the Treasury Department to take “extraordinary measures” to keep paying the federal government’s bills. The current federal debt limit is around $31.381 trillion.
Financial experts warned that if the U.S. defaults on its debt, then the federal government might have to miss or delay payments for programs like Social Security and Medicare, as well as government worker salaries. They also said that the cost of borrowing at home could rise, which could impact the stock market.
Burchett has always voted against raising the debt limit since taking office.
"I didn't vote for it under Trump and I sure as heck aren't going about it, didn't vote for it under Biden. I was one of four holdouts on the Republican side, and we just can't keep spending money we don't have and decreasing the rate of growth," said Burchett.
The Biden Administration warned that defaulting on the country's debt could send the stock market plunging by around 45% and cost around eight million jobs.
A bill passed the Republican-held House of Representatives that would raise the debt ceiling and allow the U.S. to continue its debt payments, but it is not expected to become law. The bill would have severe impacts on social programs like Head Start and Meals on Wheels, as well as cancer research and veteran health care, Democrats say.
It would also remove clean energy tax credits that Biden signed into law last year and reverse his student debt forgiveness and repayment plan. The bill also establishes new work requirements for Medicaid beneficiaries and expands the work requirements for the SNAP and Temporary Assistance for NEedy Families program while also rescinding around $71 billion in funds for the IRS.
Burchett voted against the bill along with Andy Biggs (R - AZ), Ken Buck (R - CO) and Matt Gaetz (R - FL). It passed the House in a 217-215 vote.