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NTU urges all Representatives to vote “NO” on H.R. 1954
May 31, 2011
NTU urges all Representatives to vote “NO” on H.R. 1954, which would increase the national debt limit by $2.4 trillion without enacting corresponding provisions to alter our spending trajectory. Recklessly boosting the federal government’s credit limit, without implementing long-overdue structural reforms, will only serve to push us closer to a crippling debt crisis.
Decades of irresponsible spending have brought us to a defining moment for our nation’s fiscal future. This year, President Obama estimates the federal deficit will total more than $1.6 trillion, a figure about equal, in inflation-adjusted terms, to the entire federal budget of 1982. Washington’s unwillingness to contend with our broken entitlement programs, refusal to offset “crisis response” expenditures, and aversion to reducing our debt, will only worsen our overspending problem. Even employing the most conservative of assumptions, the Congressional Budget Office predicts that by 2035 the public debt would equal 79 percent of Gross Domestic Product – the highest percentage since the years immediately following World War II.
In order to avert fiscal collapse, NTU has urged that any increase in the debt limit be tied to the passage of strong reforms such as a Balanced Budget Amendment to our Constitution and a durable statutory spending cap that would put the federal government on a path toward sustainability. H.R. 1954 does nothing to curb the reckless spending that will perpetually test any limit on borrowing; therefore, a “NO" vote will be considered the pro-taxpayer position and roll call votes will be heavily weighted in our annual Rating of Congress.If you have any questions, please contact NTU Federal Government Affairs Manager Brandon Greife at (703) 683-5700