Taxpayer Watchdog Addresses Looming Debt Ceiling Limit

For Immediate Release                                                                                              Contact: Abigail Graham: (202) 417-7235

January 19, 2023                                                                                                                

Washington, D.C. – The Taxpayers Protection Alliance (TPA) is urging all members of Congress to implement measures ensuring future fiscal restraint such as real spending cuts when they address the $31.4 trillion borrowing limit, which is expected to be reached today.

In response, Dan Savickas, TPA Director of Policy, offered the following comment:

“Congress continues to raise the debt ceiling, paving the way for more profligate spending and borrowing. It does so on the promise that – in the future – fiscal safeguards will be put in place. Unfortunately for millions of current and future Americans, this fiscally responsible future point in time never comes.

“Newly elected House Speaker Kevin McCarthy (R-Calif.) promised that he would not allow for the debt ceiling to be raised without making significant cuts to government spending, which will help avoid future fiscal cliffs like this one. We encourage Speaker McCarthy to follow through with this pledge.

“The consequences of defaulting on the debt will be immense. The pain of running up a debt so large that the nation must borrow simply to pay interest on that debt will reverberate through the American economy for years to come. That is why it is vital that Congress raise the debt ceiling, but with provisions to regain control of spending.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.