Bucks County Congressman Brian Fitzpatrick Wednesday announced that the 64-member Problem Solvers Caucus, which he co-chairs, has a game plan for the debt ceiling that’d address both short- and long-term concerns.
“I am proud of our Caucus’ tireless work to find common ground on this bipartisan framework, which is the first of multiple steps in this process,” Fitzpatrick, R-1, said in a statement. “I hope that our colleagues on both sides will join us in this mission.”
The only existing two-party debt ceiling proposal has four steps. They are:
1.) Temporarily suspend the debt ceiling through Dec. 31.
2.) Create a fiscal commission modeled after the BRAC (Base Realignment and Closure) to develop a package by the end of 2024 to address long-term deficits and debt.
3.) Implement interim controls to stabilize the budget while the commission does its work.
4.) Adopt budget reforms that include requiring the President to submit a mid-year report on the nation’s budget and the Comptroller General to report annually on the fiscal state of the nation.
“The debt ceiling and debt crisis demand a two-party solution,” said Fitzpatrick. “We must never allow our nation to default on our debt, we must never put our nation’s full faith and credit at risk, and we must insist on responsible budget reform measures.”
A debt default would likely send our nation’s currency and markets into free fall, which would imperil personal savings and 401(k)s.
Fitzpatrick’s co-chair Rep. Josh Gottheimer, a New Jersey Democrat, suggested in the same statement that it’s incumbent on Congress to remove political gamesmanship from debt ceiling discussions.
“Nobody should use the full faith and credit of the United States as a bargaining chip and I look forward to continuing our bipartisan work to prevent a debt crisis,” he said. “We can protect Americans’ savings and our standing in the world.”
President Biden and House Speaker Kevin McCarthy are still negotiating a debt limit. The Problem Solvers’ proposal is being framed as an alternative plan in case they can’t reach an agreement.
A spokeswoman from Fitzpatrick’s office said that any final solution will need to be bipartisan, given the 60-vote threshold in the Senate.
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