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Memorandum on the Government’s Debt
Dear Friend: This week, Congress acted to increase the nation’s debt limit and to restrain future spending. The path to reach this agreement was difficult, with amped up rhetoric and negotiations that only concluded at the eleventh hour. While I don’t think that this fight reflected well upon Congress, two sides with decidedly different views about the role of government had to come together to make this happen. I voted for the agreement (known as the Budget Control Act) believing that it was the best we could do under the current divided government. The issue of getting government debt and deficits under control is extraordinarily complex. Years and years of ignoring the problem have made it harder to solve. Under both Republicans and Democrats deficit spending went up with the assumption that our fiscal problems would be solved more easily in the future. It is now clear that there are no easy solutions, and that we cannot wait any longer to tackle the problem. I want you to know why I voted for the Budget Control Act and what I think the next steps need to be. I’ve written a detailed Memorandum on the Government’s Debt that I would like to share with you. CLICK HERE to visit my website and read the memo. Sincerely, |
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