Valley congressman Bill Johnson discusses U.S. debt limit

WASHINGTON - There's a high stakes financial battle underway in the nation's capital as the U.S. hits it borrowing limit.
As a result, the Treasury Department is now taking what it calls extraordinary measures to make sure the nation can continue borrowing under the federal debt limit.
Treasury Secretary Janet Yellen said in a letter to congressional leaders nationwide that those special financial tools used to meet the country's obligations can continue until June.
After they expire though, Congress will need to act to prevent default.
After pandemic recovery spending, the debt is about 120% of GDP, a historically high level.
Yellen is urging congress to act promptly to protect quote, "the full faith and credit of the United States."
This warning comes as the new Republican House Majority demands conservative policy concessions in the form of spending cuts to lift the debt ceiling.
But the White House has made it clear that they aren't willing to negotiate on this.
21 News spoke with Valley Congressman Bill Johnson and asked if he will vote to raise the debt limit. He said the spending in Washington is getting out of control.
"The out of control spending, the massive amounts, the trillions of dollars that have flooded into our economy has devalued the dollar. That's one of the primary things causing inflation to skyrocket," Congressman Johnson said.
Johnson added they aren't likely to see this come up until June and he's just not sure yet how he will vote until he sees how his Democratic collegues will curb spending.