“Deficits in the level that we’re experiencing threaten the stability of the dollar, curb the vitality of an economy and depress job growth,” said Pearce. “Raising our debt ceiling without taking steps to bring our budget under control is not the solution to our fiscal problem. Our challenge is to redesign government so that it becomes more effective while simultaneously becoming more efficient.”
The bill provides for an increase of the debt ceiling until March, 15, 2015. The House passed the legislation by a final vote of 221-20