Republican Party

House Republicans Discussing Debt-Ceiling Extension

Only one of the proposals being considered


Williamsburg, Virginia (CNN) – House Republican leaders are talking to rank and file GOP members about passing a short-term extension of the debt ceiling, perhaps one that just authorized the nation's borrowing authority for a couple of months.

House Budget Committee Chairman Paul Ryan, R-Wisconsin, told reporters it was one option in a morning discussion with all House Republicans about legislative strategy for the first few months of the new Congress.

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  1. We need spending cuts and we need certainty. That means an ongoing plan that continues until modified instead of a plan that expires in months or years. I’d like to see a 5% budget cut every year until there is sufficient surplus to payoff the debt in 10 years. I’d even be willing to allow offsetting increases for population and inflation. But we must start cutting. Until a cutting plan is firmly defined, there should be no discussion of the debt ceiling. With a cutting plan and the already passed tax increases, an estimate of the debt needed for the next year (hint less than last year) can be made and approved. Next year, the actual revenue, spending, and debt can be reviewed and if things are on plan, another spending reduction and smaller debt increase can be approved. It may take a few years to turn the corner and start producing a surplus and paying off the actual debt. With each year’s smaller budget, Congress and Government will have to increase efficiencies and make choices about priorities. That’s a good thing.

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