TPA Encourages President Biden and Congress to Progress Towards Debt Ceiling Deal

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

May 16, 2023                                                                     

WASHINGTON, D.C. – President Biden and Congressional Leaders held another meeting today at the White House to negotiate a deal to address the debt ceiling and avert a government default. This second in-person meeting follows more than a week of staff-level conversations. TPA praises both Republicans and Democrats for moving towards correcting the nation’s fiscal future.

In response, David Williams, TPA President, offered the following comment:

“While we are disappointed that Republicans and the administration have not yet reached an agreement to avoid default, these negotiations are a critical step forward towards finding a resolution to responsibly rein in Washington spending while averting a disastrous government default. With the clock ticking before the government runs out of money to fulfill its obligations, it is more important than ever that both sides commit to staying at the table and continuing to make progress towards a deal. A government default would have catastrophic consequences for American taxpayers. A downgraded credit rating and the accompanying interest rate hikes would significantly increase the cost of debt servicing for all future U.S. debt. These increased costs would contribute to the deficit and make it even harder for future Americans to ever pay off the government’s ballooning debt problem.

“While these negotiations are promising, it is important that both sides continue to work together and commit to taking the threat of default off the table. The stakes of these negotiations are incredibly high for American taxpayers and failure is not an option. House Republicans passed a solid plan in the Limit, Save, Grow Act.  Democratic leaders should acknowledge this effort and work across the aisle to find a path forward that will avert a default while putting the nation on a more sustainable fiscal path.”

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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.