Washington, DC (PRWEB) August 28, 2013
On August 26, Treasury Secretary Jacob Lew informed Congress that the statutory debt limit will be reached in mid-October. According to the Wall Street Journal, the Treasury Department will be unable to pay all of its bills soon after that time, narrowing the window the White House and Congress have to maneuver on budget talks.
The Campaign to Fix the Debt, a nonpartisan movement asking lawmakers to work together on legislation large enough to stabilize and reduce the national debt as a share of the economy, reacted to the announcement.
“With yesterday’s announcement from Treasury that the deadline to raise the debt ceiling will occur earlier than many expected, it is imperative that our elected leaders begin discussions as quickly as possible to determine how to increase the ceiling in a responsible way,” said Maya MacGuineas, who, in addition to leading the Campaign to Fix the Debt, is the President of the Committee for a Responsible Federal Budget, a bipartisan organization focused on educating the public on issues related to fiscal policy.
“Ideally, legislation to raise the debt ceiling will include a plan to rebalance spending cuts in the sequester, as well as a plan for tax and entitlement reform that would put the debt on a clear downward path relative to the economy. While near-term deficits have been shrinking, the debt as a share of the economy remains larger than it has been in more than 60 years, and it is projected to continue to grow over the long run.
“The debt ceiling can be viewed as an opportunity to take stock of our fiscal state and make important changes to our nation’s fiscal situation. At the same time, we must pay the bill for what we've already spent, and threatening a default that would challenge the full faith and credit of the U.S. government would be both irresponsible and economically damaging. The Campaign to Fix the Debt will continue working with lawmakers as they work towards finding a responsible way to raise the debt ceiling,” continued MacGuineas.
Members of the Campaign to Fix the Debt come from a broad range of social, economic, and political perspectives with the belief that America's growing debt burden threatens our future, and that we must address it now. The Campaign mobilizes key communities – including leaders from business, government, and policy – and people all across America who want to see elected officials step up to solve our nation's fiscal challenges.
For more information about the Campaign to Fix the Debt, please visit http://www.fixthedebt.org.