Today, the House will vote on a proposal that would suspend the debt ceiling until May 19, buying a bit more time for the overarching budget debate. This puts off the difficult decisions that are needed to get the country’s fiscal situation in order. Heritage’s vice president for domestic and economic policy, Derrick Morgan, wrote recently:
Benjamin Franklin once said, “Never leave that till tomorrow which you can do today.” That’s why Congress should not raise the debt ceiling unless it includes immediate reforms today that put us on a sure path to balance, keep us in balance over time, provide for the common defense—and do not raise taxes.
Yesterday, House Speaker John Boehner (R-OH) and Budget Chairman Paul Ryan (R-WI) took up an idea promoted by a coalition of conservative organizations including our sister organization, Heritage Action for America.
They pledged to produce a path to balance—a balanced budget in 10 years.