Statement from the Campaign to Fix the Debt on Debt Limit

Aug 27, 2013, 12:34 ET from Campaign to Fix the Debt

WASHINGTON, Aug. 27, 2013 /PRNewswire-USNewswire/ --The following is a statement from Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt:

"With yesterday's announcement from Treasury that the deadline to raise the debt ceiling will occur earlier than many expected, it is imperative that our elected leaders begin discussions as quickly as possible to determine how to increase the ceiling in a responsible way.

"Ideally, legislation to raise the debt ceiling will include a plan to rebalance spending cuts in the sequester, as well as a plan for tax and entitlement reform that would put the debt on a clear downward path relative to the economy. While near-term deficits have been shrinking, the debt as a share of the economy remains larger than it has been in more than 60 years, and it is projected to continue to grow over the long run.

"The debt ceiling can be viewed as an opportunity to take stock of our fiscal state and make important changes to our nation's fiscal situation. At the same time, we must pay the bill for what we've already spent, and threatening a default that would challenge the full faith and credit of the U.S. government would be both irresponsible and economically damaging. The Campaign to Fix the Debt will continue working with lawmakers as they work towards finding a responsible way to raise the debt ceiling."

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SOURCE Campaign to Fix the Debt