As the Nation's debt grows ever closer to the legal limit of $14.3 trillion, lawmakers on Capitol Hill struggle to come up with a solution that both parties can agree on. U.S. Representative Cynthia Lummis recently appeared on Fox Business News channel, where she stressed the importance of finding an answer to a problem that literally keeps escalating daily.
Lummis stated that her fellow Republicans in the House remain committed to their demand that any any increase in U.S. borrowing authority be accompanied by serious spending reductions.
Vice President Joe Biden will meet with key members of Congress Thursday to try and come to some kind of agreement on how to put the brakes on government spending. House Majority Leader Eric Cantor said Tuesday that his fellow Republicans would not support a debt limit increase without firm steps to reduce a budget deficit that is projected to hit $1.4 trillion this year alone.