I'm writing to share an important Wall Street Journal op-ed written by newly-elected Senator Pat Toomey (R-PA), which outlines how we can freeze the debt ceiling without defaulting on our debt obligations. Senator Toomey's argument is nothing short of a game changer in the debt limit debate.
Senator Toomey correctly points out that if the debt limit is reached later this year, the government will still have plenty of money to service the national debt. He writes,
"In fact, if Congress refuses to raise the debt ceiling, the federal government will still have far more than enough money to fully service our debt. Next year, for instance, about 6.5% of all projected federal government expenditures will go to interest on our debt, and tax revenue is projected to cover about 67% of all government expenditures. With roughly 10 times more income than needed to honor our debt obligations, why would we ever default?"
Americans should reject the sky-is-falling-hysteria coming from President Obama and demand that Congress stop the debt and balance the budget. You can add your voice to this effort by signing the "Stop the Debt" pledge at http://StopTheDebtPledge.com.
Now is the time to make fundamental, long-term budget reforms that will stop the spending and save our country from fiscal ruin.
When the Senate considers the debt limit next month, Republicans must do everything they can to block an increase in the debt limit. Senator Toomey has presented the facts they need to fight back when they're accused of threatening to put the nation in default.
I want to thank each of you who helped elect Senator Toomey last year by supporting the Senate Conservatives Fund (SCF). Without your support, he wouldn't be in a place to influence this critical debate.