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Schiff Opposes Raising Debt Limit

Date: June 22, 2004
Location: Washington, DC
Issues: Government Budget and Spending


Schiff Opposes Raising Debt Limit
Local Lawmaker Believes Congress Must Develop Plan for Balanced Budget

WASHINGTON, DC - (June 22, 2004) Before the House of Representatives could consider the popular FY 2005 Defense Appropriations bill today, lawmakers voted on a procedural rule that will raise the national debt limit by $690 billion. Congressman Adam Schiff (D-CA) issued the following statement today in regard to the House Floor vote:

"The Administration and the majority in Congress continue to support a misguided fiscal policy. Congress is now raising the debt limit for the third time in three years; by this action, each American will be required to carry almost $2,000 more of debt. It is especially distressing that the House leadership is using the annual funding source for our military to push through a raise in the debt limit.

"We are already seeing upward pressure on interest rates as the federal government competes with American business and homeowners to borrow money. The single most important step the government can take to facilitate our long term growth and prosperity is to balance our budget and live within our means."

During President Clinton's second term, $452 billion of public debt was paid down. Congress is now faced with raising the debt limit for the third time under President Bush - having raised it by $450 billion to $6.4 trillion in June 2002, and by $984 billion to $7.384 trillion in May 2003. The national debt is currently $7.17 trillion. Today's action by the House allows the national debt to rise to a staggering level of more than $8 trillion.

The rule for the bill passed the House of Representatives by a vote of 220 to 196.

Congressman Schiff is the co-founder of the Democratic Study Group on National Security and a member of both the House Judiciary and International Relations committees. He represents California's 29th Congressional District, including the communities of Alhambra, Altadena, Burbank, East Pasadena, East San Gabriel, Glendale, Monterey Park, Pasadena, San Gabriel, South Pasadena and Temple City.

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