Smith Votes Against Debt Limit Increase

Press Release

Congressman Adrian Smith (R-NE) today opposed a measure which would increase the statutory limit on the national debt by $290 billion, from $12.104 trillion to $12.394 trillion. This debt limit increase is expected to only provide two months of spending in 2010 before another debt limit increase will be necessary.

The national debt limit sets the legal ceiling for how much money the federal government may borrow. Government spending grew by $705 billion in fiscal year 2009, an increase of 24 percent.

According to the Department of Treasury, the current national debt is $12.071 trillion, or approximately $33 billion away from reaching the existing debt ceiling. The national debt was last extended from $11.3 trillion to $12.1 trillion ten months ago with the passage of the "stimulus" bill.

"Instead of allowing runaway spending and the expansion of the federal government, Congress should take a serious look at where spending can be cut and other commonsense solutions to reduce federal spending. We can't keep kicking the fiscal can down the road and expect our national debt to just go away," Smith said.

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