Late Tuesday night Congress approved, and the President is set to sign, a deal to avert the fiscal cliff. But it is too soon to begin the back-slapping and congratulations. In fact, the agreement did little to tackle the biggest drivers of the country’s fiscal problems or tackle the growing national debt. Without meaningful entitlement, tax and spending reforms the debt will continue to grow, continue to endanger jobs and economic growth, and continue to put an even greater burden on future generations.
“Over the next two months it is imperative that lawmakers on both sides of the aisle continue to work in a bipartisan manner to fix our debt problems,” said Kit Bond, former Senator and Governor as well as co-chair for the Missouri chapter of the Campaign. “Congress and the President must reach a compromise to reduce the deficit, reform the tax code and fix our broken entitlement programs to put our nation on a track of fiscal sustainability.”
Lawmakers have a responsibility to future generations to get our fiscal house in order. Instead of a finish line, lawmakers should capitalize on the goodwill of the moment to return to the table to discuss the tough decisions necessary to stabilize the national debt and gradually put it on a downward trajectory.
Missouri members of the Campaign to Fix the Debt are now urging policymakers to make the reforms to further control spending, ensure the sustainability and solvency of entitlement programs, and reform U.S. tax code to promote growth and greater revenue. The President and Members of Congress have publicly stated that more work needs to be done. The deal that the country needs will require lawmakers to put aside partisan holdouts to reach a principled agreement large enough to put stabilize the debt and put it on a downward long-term trajectory.
# # #
For more information on the Campaign to Fix the Debt, please visit www.fixthedebt.org.