NTU urges all Representatives to vote “NO” on H.R. 4314, which would increase the national debt limit by $290 billion, from $12.1 trillion to $12.4 trillion. The nation’s debt has escalated by 39 percent since January of 2007, and the ceiling has already been lifted once this year through passage of the first stimulus package.
The premise is simple: the more we spend, the more we must borrow. Due to the unbridled spending habits of Congress, our nation remains in a state of financial insecurity and disarray. Increasing the federal government’s credit limit, rather than looking for ways to reduce the deficit and begin to pay down our debt, is not the means to restore fiscal restraint and public trust.
If the government continues to borrow at its current pace, they will inevitably crowd the private sector out of the credit market, leading to slower economic growth. Millions of American families are responding to difficult times by cutting back on expenses to make ends meet. Congress should be doing the same by beginning the urgent task of tackling our national debt – not adding to it.
A “NO” vote on H.R. 4314 will be significantly weighted as a pro-taxpayer vote in our annual Rating of Congress.
If you have any questions, please contact NTU Federal Government Affairs Manager Jordan Forbes at (703) 683-5700.
