Problem Solvers announce bipartisan debt ceiling proposal

The Problem Solvers Caucus, a bipartisan group of U.S. House members co-led by New Jersey Rep. Josh Gottheimer (D-Wyckoff), have unveiled a proposed debt ceiling framework aimed at avoiding a catastrophic debt default.

Under the framework, the debt ceiling would be suspended for six months, giving Congress more time to work out an agreement and complete the standard budget and appropriations process. In the meantime, the framework recommends creating a Fiscal Commission to review longer-term solutions and produce a legislative proposal which would be subject to a congressional vote in February 2025.

The framework also suggests implementing interim deficit stabilization controls and adopting broader budget process reforms: tasking the U.S. Comptroller General with writing annual reports on the country’s fiscal state and requiring the president to submit mid-year reports on the budget.

“I’m proud that the Problem Solvers Caucus was able to come together to draft and pass a debt ceiling framework that has support from both sides of the aisle,” Gottheimer said in a statement. “We can both suspend the debt ceiling and help prevent our nation’s economy from driving off a fiscal cliff – and address our nation’s longer-term fiscal health. It’s a false choice to say we can only do one or the other.”

While the proposal may have the support of the Problem Solvers Caucus’ 63-member bipartisan roster, it’s not clear how it will fare in the broader House, where less moderate members of both parties may balk at some of its provisions.

House Republicans are currently at loggerheads within their own caucus over how to approach the looming debt ceiling crisis, putting the process in stalemate for now. Whatever proposal they bring forward will also have to get approval from the Democratic-controlled Senate and President Joe Biden, who have been skeptical of GOP plans to cut spending.

This story was updated at 12:10 p.m. with more details on the framework.