August 1st, 2011, Fairfax, VA—Americans for Limited Government today urged both houses of Congress to reject legislation to increase the $14.294 trillion debt ceiling, saying the deal “risks an unprecedented credit downgrade of the nation’s vaunted Triple-A credit rating, the continued weakening of the U.S. dollar as the world’s reserve currency, and higher interest rates.”
Wilson pointed to the weak economy as evidence the $900 billion in cut borrowing will not go far enough to restore the nation’s finances, writing that if the government’s projections for economic growth were wrong, the debt could grow to over $30 trillion by 2021.
The government projects the economy will nearly double in the next ten years. “But with anemic growth of 0.4 percent in the first quarter, and 1.3 percent in the second, we are nowhere near that pace,” he wrote in his letter.
“With assumptions so unrealistic, the mere $900 billion in savings under the bill will be easily erased by the slowing economy and lower-than-expected revenues,” Wilson predicted.
The legislation would also create a joint House-Senate committee to propose further “savings” that Wilson told members was an abdication of “the responsibilities of a representative government”.
He concluded, “The American people elected you to make these decisions, not convene another rigged commission whose findings will never be adopted.”
Attachments:
ALG Letter to Congress, August 1st, 2011 at www.getliberty.org/files/LetterDebtCeiling 8-1-11.pdf .
“The No Solution Deal,” By ALG President Bill Wilson, August 1st, 2011 at http://blog.getliberty.org/default.asp?Display=3545 .
Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.
###