May 5, 2023

Friend,

I'm working to limit spending, save taxpayer money, and grow the economy. 

The debate over how to responsibly raise the debt ceiling is receiving a lot of attention. To help you stay informed on the issue, below is a timeline of the events as it relates to the debt ceiling debate. There is a lot of misinformation out there, and I want to make sure you have the facts on this important issue. 

On December 23, 2022, Congress passed a $1.7 trillion government spending bill. I opposed this massive piece of legislation that continued Washington's out-of-control spending. There is no plan to pay for this. It was this type of spending that drove up inflation and put our nation further into debt.

On January 19, 2023,  Treasury Secretary Janet Yellen announced the debt limit will be reached in the summer. 

On February 1, 2023, Speaker Kevin McCarthy and President Biden met to discuss the debt ceiling and the need for a negotiation process. This meeting was the first conversation between the Congress and President Biden. Both Speaker McCarthy and the President left the conversation with optimism and signaled that they thought that the House and President Biden could find common ground. They agreed to have further discussions and to keep the negotiations open.

From February 1st - May 1st, President Biden refused to meet with Speaker McCarthy. In a time of divided government, it is my belief that the Executive Branch and Legislative Branch should be working together on the most important issues facing our nation, on a regular basis. Negotiations are the best hope to get something done. 

On April 26th, the House passed the Limit, Save, Grow Act, legislation to responsibly lift the debt limit through May 2023 and limit the federal government's spending in the future, save taxpayer dollars, and grow the economy. In case you missed my last newsletter outlining the legislation's provisions, click here.

I supported the Limit, Save, Grow Act, legislation that is a step in the right direction towards fiscal stability and a healthy economy. The Senate has not passed this legislation, or any legislation to raise the debt ceiling. It is my view that we must implement spending controls to limit the growth of the federal government, save taxpayer dollars, and grow the economy. 

On Monday, May 1st, Treasury Secretary Yellen announced the United States could default as early as June 1st if President Biden does not sign debt ceiling legislation into law by then. Following this announcement, President Biden requested a meeting with Speaker McCarthy, Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell, and House Minority Leader Hakeem Jeffries. The group will meet on Tuesday, May 9th.

I remain hopeful the President will begin negotiating a compromise plan to responsibly lift the debt limit with provisions to limit the growth of the federal government in future spending bills, save taxpayer dollars by finding measures to reduce our debt, and implement policies to grow the economy. 

I will continue to keep you updated. As always, please feel welcome to share your opinion with me on this important issue. 

On Wisconsin, 

Bryan Steil
Member of Congress

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