CRFB Reacts to Budget Agreement
Speaker McCarthy announced this evening that he and the President have reached an agreement in principle on a bipartisan plan to reduce deficits and raise the debt limit. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
In the 11th hour, our leaders are showing us what they can do when they come together for the good of the American people. If it passes, this plan would be the first major deficit-reducing budget agreement in almost a dozen years and would signal Washington is serious about making progress in addressing our mounting national debt.
By addressing the debt limit, the plan would also remove the risk of default and ensure America continues to pay its bills.
This agreement came too late, but better late than never. The House and Senate should move quickly to make sure we reduce deficits and raise the debt limit in a timely manner. Then, they should work to build on this success. The process was tense, risky and ugly, but in the end, we have a plan to enact savings and lift the debt ceiling, and that is what is needed.
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