Huizenga & MacGuineas Call for Bipartisan Action on Debt Crisis

WASHINGTON, DC – With the national debt exceeding 100 percent of GDP for the first time since World War II, The Ripon Society held a breakfast discussion yesterday morning with two leading voices in the fight to get spending under control – House Financial Services Vice-Chair Congressman Bill Huizenga (MI-04) and Committee for a Responsible Federal Budget (CRFB) President Maya MacGuineas.

Huizenga, a seasoned member of the committee and Chairman of the Bipartisan Fiscal Forum (BFF), opened the discussion by emphasizing the need for bipartisan cooperation on the country's fiscal challenges.

“We are in this together, regardless of party label, and we have got to figure it out together, because this is not going to be a one-party solution either. … First, you need relationships. You need relationships to build trust, and then you need that trust to then go find solutions.”

MacGuineas, who is also actively involved with the BFF, built on Huizenga's remarks — noting that bipartisanship alone is not enough to address the country's deepening fiscal crisis.

“I think the fiscal policy issue, the fiscal situation, we have right now is the perfect illustration of something that's so hard, everybody knows it's a problem, and nobody wants to work on it because the fixes are really difficult. Absolutely this is something that has to be done that's bipartisan, but that's still not enough, because it takes a lot of courage and it takes recognition from both parties.”

The CRFB President went on to outline several of the most pressing threats to the nation's economic foundation — chief among them, the country's unsustainable borrowing.

“We are borrowing $2 trillion every year when the economy is good, who knows what's going to happen during the next downturn, but we know we're not as prepared as we should be.

“Budget deficits are not something people are going home and fretting about, but it leaves the fiscal foundation of a weak country, remarkably weak. Right now, we're in a moment that is illustrating why this is so dangerous. You need to have a strong fiscal situation in case you have an economic crisis to avoid inflation and higher interest rates for national security. You do not want to be in a situation of having to borrow from countries who you are not aligned with, particularly if it's about protecting against them, or for big unknown moments.”

Видео Huizenga & MacGuineas Call for Bipartisan Action on Debt Crisis канала RiponSociety