An Opportunity for Reform

As the government shutdown continues, Nebraskans and all Americans are rightfully frustrated – I am too. President Obama and Senate Majority Leader Harry Reid must agree to negotiate on reopening the government and addressing the debt ceiling. Just as Republicans should not expect to get everything we want, it is unreasonable for Senate Democrats and the White House to refuse to work with the elected majority in the House of Representatives.

Many would like to end the current showdown by passing a continuation of last year’s budget with no reforms, and a long-term increase in the debt ceiling. This solution would temporarily end the short term pain and uncertainty, but would not address the underlying problem: we borrow and spend more money than we can afford.

Our national debt is quickly approaching $17 trillion, which amounts to more than $50,000 per citizen. This year the deficit is expected to drop to about $700 billion. While this decrease is an improvement from the more than $1 trillion deficits of recent years, it is still unacceptably high and unsustainable. Without reforms, we face the very real possibility of a debt crisis similar to what nations like Greece and Spain are experiencing today.

Failing to address the debt ceiling would be risky, and could result in a default. I agree we have an obligation to pay our bills and we should not risk the full faith and credit of the United States. However, it also defies the purpose of the debt limit to simply raise the borrowing authority without doing anything to address the drivers of our deficit and debt.

Presidents and Congresses of both parties have negotiated agreements to raise the debt limit for decades. In 2011, the debt ceiling was increased in exchange for corresponding discretionary spending cuts over ten years. Earlier this year, the House and Senate agreed to a debt limit increase in exchange for “No Budget, No Pay” legislation, which forced the Senate to pass a budget for the first time in four years.

These agreements did not solve the underlying drivers of long term spending, but they were steps in the right direction. Faced again with a looming debt limit deadline, we should again take advantage of the moment to pass needed reforms. We should make every effort to reach the best deal possible for the American people – even if this requires a short-term extension to provide more time for negotiations.

There is plenty of blame to go around for both the government shutdown and our budget problems. Regardless of how we got here, we are now faced with an opportunity to make changes in the best interest of our nation and for future generations. I hope we will not let this opportunity pass.