As Debt Ceiling Nears, Several Bills Offer A Path Forward
The country is $18.4 trillion in debt and in less than two weeks (November 3) the country will hit the debt ceiling. With mere days to find a solution there is a real need to ensure the full faith and credit of the United States remains in tact with responsible legislation from Congress. The Taxpayers Protection Alliance (TPA) is hopeful Congress can pass legislation that will not only address the debt ceiling, but also make inroads towards real spending reduction. Washington has been here before and once again it is getting to a critical point where there are only days left to act. This is a growing trend and TPA is dismayed with last minute deals and the habit of governing by crisis. However, this most recent crisis has led to a number of serious proposals aimed at dealing with this problem in a responsible, reasonable, and long term manner. One plan has emerged in the House is H.R. 3771, The Terms of Credit Act (TCA), put forward by the Republican Study Committee (RSC) headed by Rep. Bill Flores (R-Texas). TCA is a comprehensive solution that puts forth a multi-pronged strategy to dealing with the debt limit.