U.S. Rep. Bill Foster, D-Naperville, released the following statement on his vote to support the Republican proposal to raise the debt ceiling for the next three months.
“We need a long-term solution to address the national debt, not more short term fixes as House Republicans presented today, however, I voted for the temporary debt limit suspension because protecting the full faith and credit of the United States government is our most important obligation.
“Defaulting on U.S. debt payments would trigger a massive increase in U.S. borrowing costs, tarnishing our credit and greatly increasing the national debt.”
As part of the package, Foster also voted to protect benefits for veterans and seniors from cuts proposed in the Republican budget, which was defeated on a largely party-line vote.
“What is necessary to bring our debt under control is to adopt a balanced, bipartisan ‘Simpson-Bowles’ type approach to debt reduction – an approach supported by moderate Republicans and Democrats including myself, but one that the House Republican majority has unfortunately rejected,” Foster added.
“It’s time for House Republicans to end the partisan politics and pass a long-term debt limit increase that restores confidence and certainty to our economy.
“While I would have preferred a clean debt limit increase, this is the kind of compromise the public expects Congress to reach to make the system work."