Late last week, the US Congress passed legislation that was signed by President Joe Biden to push the national debt ceiling down the road.

According to the White House, the “Fiscal Responsibility Act of 2023” suspended the public debt limit through January 1, 2025. This allows the federal government to keep from defaulting on its debt and continues to pay its bills. US Senator Chuck Grassley explains why he voted in favor of the bill that was a compromise between the Republicans and Democrats that originated in the House.

“The main reason for voting for it is I don’t think the (federal) government has ever and should not default on its debt. I think the high interest rates, and the high unemployment, and what it would show the rest of the world that a great nation like the United States, the number one economy, ought to be leading and not doing stupid things. It’s very important that we keep that reputation.” 

Grassley points out a few things he liked about the legislation includes more individuals were covered by work requirements, with an example of those that can use food stamps; along with shortening the time frame to two years that the bureaucracy can hold up permits for things such as construction or lying pipelines, and he describes another item.

“That I think should take care of a problem that we have with this end of the year of having one big omnibus appropriation bill, that we’re supposed to be working on 12 separate appropriation bills and get it done by September 30th. If that can be accomplished, it’ll be one of the major accomplishments of this legislation.”  

Grassley adds what he sees that be would helpful in the short term to lower the country’s overall debt would be to have a constitutional amendment that would require the federal government to have a balanced budget. He says he voted for that measure four times since he’s been in the Senate. However, he believes it is unlikely that a similar measure will come up for a vote this year.