US lawmaker introduces new bill to address national debt crisis

Local News

Its official, America has a debt problem.

The federal government reached the debt ceiling earlier this month.

There’s a new effort in Congress to make the debt ceiling debate a thing of the past.

Treasury Secretary, Steve Mnuchin is urging lawmakers to increase the nation’s credit limit.

“I encourage Congress to do that sooner rather than later,” said Secretary Mnuchin.

Secretary Mnuchin says until then, his department will use “extraordinary measures.” The treasury will pay only the bills they must and issue IOUs for less critical payments.

Secretary Mnuchin also says extraordinary measures can only work for so long. 

Experts say if Congress fails to act, America will default on its debts, crippling the country’s credit rating and possibly prompting an economic crisis.

Virginia Senator Tim Kaine (D) says he has a plan to prevent future fights over the debt ceiling.

He’s introduced a bill to share the power to raise it with the president.

“If we want to send a message of stability, and end the kind of brinkmanship that hurts the economy, there’s no reason this should be partisan,” said Kaine.

Senate leaders have not yet said if they plan to take up Kaine’s bill or when a vote on raising the debt ceiling might occur.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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For this Beetdigger and Ute it’s an honor to be doing what he loves in his home state! Glen is an award-winning journalist, who joined the ABC4 News team in June 2013. You can catch him anchoring ABC4 News at 5 and 6, Monday through Friday. He also serves as our Senior Political Correspondent, keeping you up to date on issues that impact your life at the city, state and national level. His political reports run throughout the week, and he hosts Inside Utah Politics, Sunday mornings at 8. The Utah Headliners Chapter of the Society of Professional Journalists has recognized Glen as the best government and military television reporter in the state. Before returning home to Utah, he spent 11 1/2 years developing his journalism skills in other states. He held various on-air and management positions at KPVI in Pocatello, Idaho, WGBA in Green Bay, Wisconsin and KKCO in Grand Junction, Colorado during that time. Read More...

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