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Ron Johnson: A Debt Ceiling Budget

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Yesterday, 22 Senators joined Senator Ron Johnson (WI) in sending a letter to President Obama. The letter calls on the Administration to develop a contingency plan, in case Congress rejects a debt ceiling increase.

The letter stated:

“We believe it is irresponsible to ignore the broken political system and the very real possibility that the debt ceiling might not be raised in time.  And we believe it is irresponsible not to develop robust contingency plans now - just in case…

“We are calling on your Administration to immediately begin working with budget experts in Congress to allocate spending within a $2.6 trillion Debt Ceiling Budget.  All agency heads should then be instructed to develop plans to make sure essential services would be funded on a priority basis.

“Taking responsible action now will avert a crisis in the future.”

Recently, Secretary Geithner said “our plan is for Congress to pass the debt limit. Our fallback plan is for Congress to pass the debt limit, and our fallback to the fallback plan is for Congress to pass the debt limit.”  Senator Johnson’s joint letter calls upon the Administration to develop a ‘Plan B.’ Johnson has argued that having a plan for all contingencies is the best way to reassure financial markets – the stated goal of the Obama Administration.

Along with Senator Johnson, the signers of the letter include Senators Kelly Ayotte (NH), John Barrasso (WY), Roy Blunt (MO), John Boozeman (AR), Dan Coats (IN), Tom Coburn (OK),  John Cornyn (TX), Jim DeMint (SC), Mike Enzi (WY), Lindsey Graham (SC), Orrin Hatch (UT), Jim Inhofe (OK), Johnny Isakson (GA), Mike Johanns (NE), Mark Kirk (IL), Mike Lee (UT), John McCain (AZ), Rand Paul (KY), Jim Risch (ID), Marco Rubio (FL), John Thune (SD), and David Vitter (LA).

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