Former Congressional Budget Office director Douglas Holtz-Eakin unpacks the risks caused by Congress holding the debt limit hostage to spending reforms.
Former Congressional Budget Office director Douglas Holtz-Eakin dissects the battle raging over the debt limit which the U.S. is expected to reach on Thursday.
"Let's not kid ourselves that holding [the debt limit] hostage is somehow going to make performance better on the spending side. It hasn't historically," Douglas Holtz-Eakin said on "Holtz-Eakin added that, while he agreed something needs to be done about government spending, those talks should be saved for spending bills.
"I'm with the folks who are saying we've got to get the spending under control. It's true that the budget outlook is unsustainable and the growth is on the spending side. So that needs to be dealt with," he said. "Have a good fight on the spending. Just don't do it with the debt limit." until at least early June to stave off the threat of default. Once those measures are exhausted sometime this summer, Congress will have to act by either raising or suspending the debt limit."Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,"
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