NTU urges all Representatives to vote “NO”on H.R. 1954, which would increase the national debt limit by $2.4 trillionwithout enacting corresponding provisions to alter our spending trajectory. Recklessly boosting the federal government’s creditlimit, without implementing long-overdue structural reforms, will only serve topush us closer to a crippling debt crisis.
Decadesof irresponsible spending have brought us to a defining moment for our nation’sfiscal future. This year, President Obama estimates the federal deficit willtotal more than $1.6 trillion, a figure about equal, in inflation-adjustedterms, to the entire federal budget of 1982. Washington’s unwillingness tocontend with our broken entitlement programs, refusal to offset “crisisresponse” expenditures, and aversion to reducing our debt, will only worsen ouroverspending problem. Even employing the most conservative of assumptions, theCongressional Budget Office predicts that by 2035 the public debt would equal79 percent of Gross Domestic Product – the highest percentage since the yearsimmediately following World War II.
Inorder to avert fiscal collapse, NTU has urged that any increase in the debtlimit be tied to the passage of strong reforms such as a Balanced BudgetAmendment to our Constitution and a durable statutory spending cap that wouldput the federal government on a path toward sustainability. H.R. 1954 does nothing to curb the recklessspending that will perpetually test any limit on borrowing; therefore, a“NO" vote will be considered the pro-taxpayer position and roll call voteswill 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******************************************