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NTU Supports Bill to Create Debt Limit Framework

by Brandon Arnold / /

The Honorable Orrin Hatch                                        
United States Senate                                                                  
104 Hart Senate Office Building
Washington DC 20510                                                                              

Dear Senator Hatch:

On behalf of the members of National Taxpayers Union (NTU), I write in support of your legislation, the “Debt Management and Fiscal Responsibility Act.” Your sensible bill would help ensure that addressing our nation’s rapidly escalating debt is a high priority for Congress and the President.

It is imperative for lawmakers to tackle the mounting fiscal crisis caused by the national debt, which now exceeds $19 trillion. Your bill would keep this issue at the forefront of the debate by requiring the Secretary of the Treasury to appear before the Senate Finance Committee and House Ways & Means Committee whenever our debt approaches its statutory limit. The Secretary would be required to report on the debt in terms of the historic, current, and projected contexts. Further, the Administration would need to provide recommendations on how to reduce the debt and describe the potential consequences if Congress fails to do so.

NTU has serious concerns about our nation’s current fiscal trajectory. Although deficits have decreased modestly in recent years, the Congressional Budget Office projects that they will increase rapidly in the near future. Further, the ongoing economic malaise has only worsened our financial outlook. Congress and the President must work together to control the debt and enact laws that will encourage economic growth and job creation. The “Debt Management and Fiscal Responsibility Act” will help facilitate such policies by ensuring that our growing national debt is a part of the legislative debate. NTU is pleased to endorse your bill and we urge all Senators to cosponsor it and work toward its swift passage.

Sincerely,
Brandon Arnold
Executive Vice President