Rep. Mike Flood approves of debt ceiling compromise
LINCOLN, Neb. (KOLN) - Democratic and Republican negotiators finalized an agreement that raises the debt ceiling. Nebraska Congressman Mike Flood said the compromise could cut spending by $2.1 trillion compared to last year.
He highlighted the importance of not going into a default.
“We have to make sure that our government functions,” Flood said. “We have to make sure that we meet the obligations. The idea of not sending a social security check next week to Nebraskans because we couldn’t deal with something that we’ve known about for six months is not acceptable.”
Defaulting could lead to a recession with higher interest rates and millions of unemployed Americans. Even though Republicans did not support most of the spending last year, Flood said he predicts some conservative Republicans to vote in favor of the compromise as well.
Flood plans to vote in favor of the bill with the deadline fast-approaching. He said he appreciates the conversations and transparency led by House of Representatives Speaker Kevin McCarthy.
“Perfect is the enemy of the good,” Flood said. “We have to do everything we can to make sure that number one, we govern, that we act responsibly and that we long term cut down our spending.”
Treasury Secretary Janet Yellen said June 1 could be the earliest that the country could default on its debts before the treasury can no longer sustain the government’s obligations. Since then, Congress created the compromise to cut costs and raise the debt ceiling, instead of suspending it.
The bill made it to the floor with the support of some members of the Freedom Caucus. Flood said parties are still sharing opinions, but he hopes the bill passes by the deadline of June 5.
“If we don’t meet this deadline ‑ if we don’t raise the debt ceiling, VA hospitals shut down, military doesn’t get paid, people don’t get their social security checks,” Flood said. “That’s not what I signed up for. I signed up to do the best job that I could do, be responsible, look for ways to cut the budget and then actually cut the budget.”
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