Spending Reforms Must Accompany Debt Ceiling Increase
October 10 – Americans for Prosperity, the nation’s largest grassroots advocate for economic freedom, today calls on Congress to pass and the President to sign legislation that will pair critically needed spending reforms with an increase in the nation’s debt ceiling. AFP has long supported attaching spending reforms to a debt ceiling increase as a way to get the nation’s long-term fiscal imbalance under control. The group supports cutting $1 in spending for every $1 in debt ceiling increase.
AFP South Carolina Deputy Director Sherry Street released the following statement:
“The debt ceiling provides an opportunity not merely to extend the national credit limit, but address the federal government’s spending addiction. Congress should take responsibility to address the root cause of our rising debt through spending reforms that save at least as much taxpayer money as the increase in the debt ceiling.
This is a crucial step towards getting spending under control and controlling our debt crisis. “For every dollar the debt limit is raised there should be a dollar in cuts. There are plenty of opportunities for sensible, needed reductions and reforms that will enable our government to save billions while fulfilling its basic functions. Americans for Prosperity has proposed over $1 trillion in potential budget savings by reforming our broken entitlement programs. For example, one starting place is to increase the means testing for Medicare.
This proposal could save $31 billion over the next ten years and is a good small step toward entitlement reform. The Budget Control Act has already constrained the growth of discretionary spending through sequester cuts and these cuts must be kept in place by holding funding in any continuing resolution at $967 billion — the level already agreed to in the Budget Control Act.”