WASHINGTON, April 24, 2023 /PRNewswire/ — Today, The Concord Coalition released a blog by executive director Robert L. Bixby, on the partisan standoff over the debt limit and the federal budget. Bixby observes that:
“President Biden’s budget proposed a 10-year deficit reduction goal of $2.8 trillion. House Speaker Kevin McCarthy’s goal is $4.5 trillion. Although the two plans are worlds apart in a policy sense, it is now possible to begin negotiations. But by presenting his budget cuts as a set of conditions for raising the debt limit, McCarthy is not offering the public a choice between his agenda and Biden’s agenda. He is offering a choice between his agenda and the government’s creditworthiness,” said Bixby.
Bixby continued, “That is a risky economic strategy because it carries the threat of default, even one that is unintended. It is also politically risky because when crunch time comes, Americans waiting for delayed payments from the government might react very badly to the idea that they won’t get paid unless McCarthy’s agenda, or something like it, is enacted.”
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit concordcoalition.org and follow us on Facebook @ConcordCoalition and on Twitter: @ConcordC
SOURCE The Concord Coalition