KNOXVILLE — The United States will reach its maximum amount of debt allowed by law soon, which is expected to spark another Washington debate about whether to increase it. In Knoxville today, Congressman Dave Loebsack said the nation has already incurred the debt that will be discussed.
Loebsack, a Democrat, said it is unacceptable for the country to not pay its bills. He said America is the greatest and most responsible country on Earth and we need to keep working on long-term solutions regarding federal spending.
Republicans still control the US House of Representatives, where Loebsack serves. He said he has not seen solutions regarding America's finances come forward from either party.
At the end of last week, he sent a letter to Speaker John Boehner, Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell and President Barack Obama, asking all of them to begin negotiations regarding the debt soon. Loebsack does not want to see Washington wait until the last minute to reach an agreement regarding the debt.
Whatever solution is presented to him to vote on, Loebsack said he hopes it will not affect the economic recovery. He fears that reducing spending too much will hurt, if spending cuts are made in education, infrastructure and other vital areas of local economies.
Loebsack was in town to meet with the Mayor's Youth Council. He also traveled to Smith's Fertilizer and Grain near Attica.