In a memo that will be delivered to House Republican leaders at their annual meeting in Williamsburg, Va., conservative leaders are saying: Don’t cut a deal with President Obama to increase the debt limit unless it cuts spending immediately and puts the federal government on a fiscal path that balances the budget within 10 years.
“Today is the day we stop stealing from our children,” says the memo headlined, “Congress Must Pass a 10-Year Pathway to Balance to Raise Debt Limit.” (Memo for the Movement.pdf)
“Conservatives should not raise our nation’s statutory debt limit unless Congress passes and the President signs into law real reforms and immediate spending reductions that place America on a path to balance within 10 years without raising taxes and keeping the budget in balance,” the memo states.
The debt limit is the amount of money Congress has legally authorized the U.S. Treasury to borrow government. The Treasury is now at the current limit of $16.39 trillion and cannot legally increase the net debt of the government.
The memo from the conservative leaders further says that Congress should pass a bill to give the Treasury Department explicit authority to prioritize federal spending commitments in the event the debt ceiling is breached, averting the possibility of a default.
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