GAO Report: Debt Ceiling Brinkmanship Hurts Economy, Boyle Calls for Reform

Debt Ceiling Brinkmanship Poses Economic Risks, GAO Report Confirms

WASHINGTON, DC – Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee, released a statement responding to a new report from the Government Accountability Office (GAO) on the economic consequences of debt ceiling brinkmanship.

“Today’s report from GAO is the latest piece in a mountain of evidence confirming that Republican debt ceiling brinkmanship is a catastrophic threat to our economy,” said Ranking Member Boyle. “This nonpartisan report proves that when Republicans hold our economy hostage, it hurts financial markets and makes our national debt even worse. Congress can solve this issue once and for all by passing my Debt Ceiling Reform Act.”

Background

• Boyle’s Debt Ceiling Reform Act would complete the political brinkmanship around the debt ceiling and allow for a process to suspend the debt ceiling, subject to a congressional override.
• GAO previously released a report requested by Ranking Member Boyle confirming that the current debt ceiling process “exposes the country to an unnecessary risk of default.”
• For years, Boyle has led the fight to permanently end debt ceiling brinkmanship. Boyle authored an article in the Harvard Journal on Legislation on the need for debt ceiling reform.