Archive | December, 2009

Americans Floored as Congress Prepares to Raise Debt Ceiling by $1.8 Trillion before New Year’s

Posted on 10 December 2009

Washington — Reports today indicate that Congress will authorize an increase of the federal debt ceiling by $1.8 trillion before the New Year. The national debt of $12.09 trillion is dangerously close to the current limit of $12.104 trillion.

The Employment Policies Institute recently launched its Defeat the Debt campaign, a high-profile, multi-million dollar public awareness effort highlighting the threat posed by unsustainable borrowing and spending.

Richard Berman, Executive Director of the Employment Policies Institute, made the following statement in response to these reports:

Raising the debt ceiling by hiding it in a “must-pass” defense spending bill is another old Washington gimmick meant to remove some pressure from an otherwise difficult vote. The American people deserve better than a hasty vote under the cover of darkness. A decision of this magnitude merits an up-or-down vote, so that every elected member of Congress directly acknowledges the mess we are in.

The Defeat the Debt campaign is all about getting people to understand the frightening reality of the massive federal deficit. People do not realize just how much $12.09 trillion is and what it will take for our country to get out from under that level of debt. Americans also don’t grasp just how much money we now owe to foreign governments and just how unsustainable our current level of spending is.

We have to do something to defeat the debt NOW. Raising the debt ceiling won’t solve the debt crisis, just like buying bigger pants isn’t a cure for obesity.

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The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy. For additional information or to schedule an interview with a spokesperson call 202.463.7650.