The country will reach its debt limit on August 2, less than a month away. Meanwhile, Republicans and Democrats say they need to find a way to lower the debt before they vote to raise the limit. Some, like Democrat 6th District Congressman Jim Clyburn, want to raise taxes on the wealthy. But Republicans like 1st District Congressman Tim Scott say that’s not necessary.
I think we better figure out how to do so because if there are tax increases in this debt ceiling in this debt ceiling increase I’m an absolute, unequivocal no. In order for us to see the debt ceiling going forward, and be increased we have to have a cut, we have to have a cap, and we have to have a balance.
Raising the debt ceiling would mean a cut to the country’s deficit, keeping it from defaulting on its obligations. Clyburn says increases taxes for corporations and the wealthy is the way to get the country back on track. Scott has some words for his neighbor congressman–
Mr. Clyburn is not going to have his cake and eat it too. There’s just no way. To raise the debt ceiling means that we have more ability to spend money that we don’t have. So, increasing taxes means that we are literally going to take away money from the private sector in the long term and will destroy our economy.
Scott says not only do both political parties need to get on the same page, but also those in his own Republican Party.
It is unfortunate that there is not a sense of team. There is no sense of team in the Republican Conference as it relates to cut, cap and balance. Us Conservatives, we want cut, cap and balance. Other folks are actually talking about revenue generators. I don’t know what that means, but it sounds like tax increases to me.
Scott says this week congressional members will work at finding a common ground on raising the debt ceiling.