Bill Description

This bill is more commonly known as the first debt ceiling deal. It raises the limit on the public debt and allows the federal government to borrow funds in unlimited amounts, as it deems necessary, until May 19, 2013. The name of the bill comes from a "no budget, no pay" provision that would theoretically condition congressional pay upon the passage of a budget resolution by the Senate, it would likely have little effect and is not outweighed by the unlimited borrowing authority provided as part of the deal.

Liberty for All's Position

Liberty For All strongly opposes suspending or raising the federal debt ceiling limit. Federal spending is out of control and suspending the debt ceiling allows Congress and the President to continue piling debt on the shoulders of future generations instead of confronting the rapid growth of federal spending. At the time of this deal the national debt was $16.4 trillion and growing. As the debt grows, more and more of the federal budget goes to paying the interest on that debt and consistently reduces the amount of federal funds available to our children. Raising the debt ceiling kicks the can further down the road instead of addressing government waste, fraud, abuse, and necessary cuts in unnecessary programs.