Maya MacGuineas: Can Congress go 44 days without piling on more debt?
Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. She recently wrote an opinion piece for Fox News, an excerpt of which is below.
The national debt is on track to exceed record levels in the next few years. Inflation is at a 40-year high. We need to put in place a balanced, bipartisan debt-reduction plan to slow inflation, bring down the debt, and promote long-term economic growth – around $7 trillion in savings would be enough to keep the debt from growing out of control.
But given that the two parties are at each other’s throats and can barely agree on anything, let alone anything as hard as finding trillions of dollars in spending cuts and tax increases, that seems unlikely to happen anytime soon.
So how about we start with baby steps: what if members of Congress and the president agreed to no new borrowing for the rest of 2022. It’s just a mere 45 days.
Read the entire piece here.
Published works by members or staff of the Committee for a Responsible Federal Budget do not necessarily reflect the views of all members or staff of the Committee.