January 22, 2013

Representative Erik Paulsen (MN-03) released the following statement following today's Ways and Means Committee hearing, which examined the role and purpose of the debt limit, past practices regarding increases in the debt limit, and also discussed solutions to ensure Washington responsibly addresses the federal government's finances. As of December 2012, the public debt stands at the statutory limit of $16.4 trillion, and the U.S. Treasury Department is currently operating under "extraordinary measures" that give it additional, but limited, means to manage funds. The Treasury Department has stated that it expects the government's ability to meet its current obligations to run out between mid-February and early March of this year. Learn more at www.paulsen.house.gov