Today, the federal government hit the debt ceiling, which is roughly $14.29 trillion.  Despite the fear-mongering from the Obama Administration and others, the country will not default on its debt obligations today and there will be no financial crisis tomorrow. 

That is because the Treasury secretary possesses great discretion in managing the country’s finances.  If the U.S. does not pay its debt obligations, it is because the Administration chose not to.  To prevent that from happening, I have cosponsored legislation that would guarantee the full faith and credit of the United States by instructing the Treasury secretary to prioritize payments on our national debt in the event the debt ceiling is not raised. 

Beyond the question of whether the debt ceiling should be raised is the broader challenge of controlling federal spending.  How do we force Congress and the President to make the tough choices that will lead to eliminating our annual deficit and reducing our debt?

The answer begins with the passage of a balanced budget amendment.  Under the current system, statutory spending restraints that can be reformed, repealed or dismantled with a simple majority vote have proven either completely ineffective or only effective for a short period of time before Congress returns to the status quo. 

Under the framework of a balanced budget amendment, like the one sponsored by myself and Sen. Orrin Hatch, and supported by every Senate Republican, future spending reforms would be built on a solid foundation necessary for their success.  Running deficits, lifting the debt ceiling, and raising taxes would all require a supermajority vote.  No longer could the proponents of perpetual deficit spending use budget gimmickry and weaknesses in the law to delay fiscal responsibility. Congress and the President would have to set priorities, spend only what we take in, and trim the rest.

The Administration says we have more than three months before their ability to mange the country’s finances becomes very difficult without an increase in the debt ceiling.  If that outcome is truly unthinkable, then Congress has more than enough time to do the right thing and pass a balanced budget amendment.