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Debt Ceiling Debate to Begin in Congress

Debt Ceiling Debate to Begin in Congress

Lawmakers Focus on Borrowing More and not Balancing Budget

(Washington, D.C.) – As Members of Congress prepare to return to Washington for legislative business after Labor Day, attention is focused on the nation's debt ceiling. According to U.S. Treasury Secretary Jack Lew, the national borrowing limit will be reached in mid-October. If the President does not sign legislation to raise the debt ceiling, some analysts believe the U.S. could default on payments on its outstanding debt. At the same time, Congress will also be debating federal spending for the year ahead, and may vote on whether to proceed with the cuts under sequestration.

Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:

"Right now the debate in Washington is centered on the need to pass a deal that allows Washington to add trillions to our national debt – a bill that today stands at $16.7 trillion and will be passed on to our children and grandchildren. There is precious little thought given to charting a path to curb our borrowing and eventually start paying off what we owe as a nation.

The United States should never default on its debt, but the more serious risk is that we will never deal with fiscal reality. Spending more, borrowing more, taxing more, and printing more will never bring us prosperity. We need the President to lead on controlling spending and bringing down the debt. That's the way to establish a strong economic foundation for sustained private sector job creation and shared prosperity."

For interviews with a LIBRE representative, please contact: Judy Pino, 202-578-6424 or Brian Faughnan, 571-257-3309.