House Speaker Mike Johnson, R-La., told Newsmax on Monday that raising the debt ceiling will be part of the reconciliation package lawmakers will be working in the two weeks leading to President-elect Donald Trump's inauguration.
The debt ceiling, the maximum the U.S. Treasury can borrow to pay the federal government's debts, was suspended in June 2023 at $31.6 trillion in a deal brokered by former Speaker Kevin McCarthy, R-Calif., and President Joe Biden. The suspension ended Jan. 1, and with the national debt now at $36.3 trillion, the ceiling needs to be raised to prevent the government from defaulting on its loans.
"The debt limit will very likely be involved in this, not because we want to spend more, but we've got to raise that a little bit so that the bond markets and the stock market and everyone around the world sees that we are going to pay our obligations," Johnson told "The Record With Greta Van Susteren." "But our goal and our mandate is to cut the government, cut spending, root out fraud, waste, and abuse, and reduce the size and scope of government and all these regulations that will help fuel the economy."
Trump on Sunday said he wanted to tackle securing the border, cutting taxes, and setting an energy policy in one package, although a day later he said his priority is to get his agenda passed, even if it means multiple bills.
Johnson mentioned that reconciliation is the best means to get a package passed because it would prevent Senate Democrats from using a filibuster to block a floor vote.
"The reason we use reconciliation and the reason we're so excited about this is because it is a way to get around that 60-vote threshold of votes that are normally necessary in the Senate," Johnson said. "Fit into that reconciliation package is a lot of these big priorities. You heard President Trump in his own words … where he said that we were going to do tax and energy and border security and a number of other things, all as he says in one big, beautiful bill. That's our preference in the House. The Senate sees it slightly differently, but we are going to work this out with our colleagues on the other side and make sure we accomplish this critical mission for the country."
Johnson said one of the biggest achievements of Trump's first administration was the Tax Cuts and Jobs Act of 2017, which are set to expire at the end of this year.
"This is an urgent high priority matter for us," Johnson said, "and we'll get it done."
Another urgent priority Johnson mentioned was border security.
"This is one of the biggest drivers of the election outcome," Johnson said. "[Trump] was talking about securing this border as a matter of common sense. It's overdue and it's an emergency situation. … We have to secure that border, and then we have to deal with the millions and millions of dangerous persons who have been allowed in over the last four years. That's what President Trump talks about the deportations or the repatriation program. And it's going to be difficult, and it's going to be costly. But we have to do that to secure the homeland. And the American people demand and deserve that. And it's long overdue."
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