Growing Concerns About Growing Debt Reflected in U.S. Households
Representatives Unwilling to Add Debt Without Spending Discipline
(Washington, DC) – With only hours to go before the federal government is expected to reach its legal borrowing limit – also known as the debt ceiling – no legislation has been passed to authorize new borrowing.
This standoff over the debt and government spending has dramatically impacted Americans' expectations toward their economic future. Gallup reports that people have grown markedly more pessimistic in recent weeks about their standard of living. At the same time, they are conflicted about the move to add borrowing authority. According to one recent survey, 44 percent oppose raising the debt limit. The desire of so many Americans to stop new borrowing led many in Congress to push for fiscal discipline as part of any legislation enacted into law. Congress is expected to take action today.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"The American people are deeply concerned about our mounting national debt – which has reached nearly $17 trillion. They know the only reason the Administration is asking to raise the debt limit again is because little has been done to curb runaway spending and pay what we owe. They recognize that simply raising the debt ceiling is not a long-term answer. The good news is that Congress is starting to get this message, and is increasingly unwilling to authorize more debt without a clear plan to curb deficits. This changing attitude has made it more difficult for Congress to authorize more borrowing than in the past.
But without Presidential leadership and a willingness to compromise with a divided Congress, the government is reaching its borrowing limit. After the current impasse is resolved, it is time for negotiations on a longer-term solution. Ultimately, only the President can bring both sides together to hammer out an agreement. It is time for him to get off the sidelines and lead."