Advancing American Freedom issued the following statement on the recent debt limit deal that was negotiated over the long weekend.
“President Biden is sending the United States over yet another fiscal cliff. This new deal barely scratches the surface of the largest driver of our debt: social welfare spending; it allows unlimited borrowing and spending until 2025, waters down spending cuts, and erodes defense spending at a time when tensions with American adversaries are growing,” said AAF Executive Director Paul Teller. “The debt limit deal clearly fails to meet the seriousness of our fiscal moment, which requires real solutions, not Washington, D.C. closed-door deals that can be undercut years down the road.”
Background
Last month, Advancing American Freedom praised Speaker McCarthy and House Republicans for passage of the Limit, Save, Grow Act, which would ensure that the federal government does not once again increase the national debt without making serious economic budgetary reforms. Last week, Fitch (one of the Big Three credit rating agencies) issued a “rating watch negative” citing the “failure of U.S. authorities to meaningfully tackle medium-term fiscal challenges that will lead to rising budget deficits and a growing debt burden” as substantial “risks to U.S. creditworthiness.”
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