Dear Senator Toomey,

On behalf of more than 1.6 million Americans for Prosperity activists in all 50 states, I commend you for introducing the Fiscal Integrity Act, which hopefully will end the demagoguery over whether the country is going to default on its debt obligations. As you have skillfully articulated, the country has more than enough tax revenue coming in to cover the interest on the national debt. We will not default, period.

The United States’ credit rating is far too important for administration officials, the media or elected officials to use it for political purposes. Unfortunately, that is exactly what we’ve seen over the past few months. As the country once again faces the question of whether and how much to raise the debt ceiling, big government advocates are panicking to ensure that their programs are insulated from the fiscal conservatism that swept through the midterm elections. The U.S. Treasury already possesses the discretionary authority to make debt payments first and they would almost certainly do so. Your legislation simply quiets the irresponsible rhetoric on the Left that we are at risk of default.

Some are even trying to spin any increase in the debt ceiling as forsaking fiscal conservatism. But nothing could be further from the truth. Adherence to principle doesn’t require repudiating existing debts. Indeed, the most responsible action consistent with limited-government principles is to acknowledge those debts and pay them — in exchange for deep cuts in federal spending that will put us on a real path to a balanced budget and then debt reduction.

Speaker Boehner has rightfully called for a grown up discussion about debt and the nation’s budget. Your legislation ensures that the very first expenditure the Treasury makes will be to live up to our existing debt. Nothing could be more responsible than that. I urge your colleagues to support your legislation and then to take the all-important next steps to put the budget on a path that will mitigate the need for these measures in the future.

Sincerely,

James Valvo
Director of Government Affairs
Americans for Prosperity

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