Debt Ceiling 101404
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PRESS RELEASE
COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET FOR IMMEDIATE RELEASE October 15, 2004
Contact: Diane Paulitz 202.986.6599 [email protected]
DEBT CEILING DILEMMA No Plan to Balance the Budget WASHINGTON, DC – Maya MacGuineas, President of the Committee for a Responsible Federal Budget, released the following statement today regarding the debt ceiling: “The Secretary of the Treasury has had to resort to using complex accounting gimmicks to avoid hitting the national debt limit. While these practices have been employed by Treasury Secretaries of both parties in the past, each time they are used, they weaken the financial credibility of the United States. “Congress has thus far failed to pass a budget resolution, increase the debt ceiling, or reinstate meaningful spending caps and pay-as-you-go rules. “Last night the candidates failed to explain how they would put the country back on the path of fiscal responsibility. In the debate, more attention was given to the candidates’ wives than to the budget deficit and to flu vaccines than to how to pay for the retirement of the baby boomers. “The deepening deficit will make it difficult for either candidate to deliver their promised priorities without new borrowing. This crisis cannot continue to be postponed and whoever is elected has an enormous responsibility to develop a bipartisan plan to reduce the deficit.” For descriptions of the technical issues involved in managing a debt issuance suspension period, see: Recent GAO reports: www.gao.gov/new.items/d04526.pdf www.gao.gov/highlights/d04526high.pdf The Senate Budget Committee’s Budget Bulletin, Issue 11: http://www.senate.gov/~budget/republican/ The Committee for a Responsible Federal Budget is a bipartisan organization committed to educating the public about issues that have significant fiscal policy impact. The Co-Chairs of the Committee are Bill Frenzel and Leon Panetta. The Committee is located at the New America Foundation. For more information, go to www.CRFB.org.
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COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET FOR IMMEDIATE RELEASE October 15, 2004
Contact: Diane Paulitz 202.986.6599 [email protected]
DEBT CEILING DILEMMA No Plan to Balance the Budget WASHINGTON, DC – Maya MacGuineas, President of the Committee for a Responsible Federal Budget, released the following statement today regarding the debt ceiling: “The Secretary of the Treasury has had to resort to using complex accounting gimmicks to avoid hitting the national debt limit. While these practices have been employed by Treasury Secretaries of both parties in the past, each time they are used, they weaken the financial credibility of the United States. “Congress has thus far failed to pass a budget resolution, increase the debt ceiling, or reinstate meaningful spending caps and pay-as-you-go rules. “Last night the candidates failed to explain how they would put the country back on the path of fiscal responsibility. In the debate, more attention was given to the candidates’ wives than to the budget deficit and to flu vaccines than to how to pay for the retirement of the baby boomers. “The deepening deficit will make it difficult for either candidate to deliver their promised priorities without new borrowing. This crisis cannot continue to be postponed and whoever is elected has an enormous responsibility to develop a bipartisan plan to reduce the deficit.” For descriptions of the technical issues involved in managing a debt issuance suspension period, see: Recent GAO reports: www.gao.gov/new.items/d04526.pdf www.gao.gov/highlights/d04526high.pdf The Senate Budget Committee’s Budget Bulletin, Issue 11: http://www.senate.gov/~budget/republican/ The Committee for a Responsible Federal Budget is a bipartisan organization committed to educating the public about issues that have significant fiscal policy impact. The Co-Chairs of the Committee are Bill Frenzel and Leon Panetta. The Committee is located at the New America Foundation. For more information, go to www.CRFB.org.
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