"Now it is time for Republican leaders in Congress to draw a line in the sand and take the pledge. The only way Republican leverage on the debt ceiling will work is if they're willing to not increase the debt ceiling."—ALG President Bill Wilson.
June 21st, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson will be joining Senators Jim DeMint, Marco Rubio, Orrin Hatch, and House Republican Study Committee Chairman Jim Jordan tomorrow, along with other free market and limited government leaders at a press conference in support of the "Cut, Cap, and Balance" Pledge.
Wilson called on all members in Congress to take the pledge. "In exchange for any vote to increase the $14.294 trillion debt ceiling, it is imperative that Republican leaders demand hundreds of billions of immediate spending cuts, statutory spending caps to no more than 18 percent of GDP, and a Balanced Budget Amendment with strong tax and spending limitations," he said.
The pledge is targeted to all federal elected officials as well as candidates for federal office including the presidency.
"With the national debt rapidly spiraling out of control, rising to more than $26 trillion by 2021, the nation's obligations are becoming too large to finance without a printing press," Wilson warned, adding, "Congressional Republicans need to use the leverage they have — now — before the debt gets too large to even refinance, let alone be repaid."
Wilson praised Senators Jim DeMint, Orrin Hatch, Mike Lee, Jerry Moran, Rand Paul, Marco Rubio, and Pat Toomey, along with Representatives Jason Chaffetz, Jim Jordan, Ron Paul, and Joe Walsh for being the first members of Congress to sign the pledge.
"The sovereign debt crisis is coming to America. One need only look at Europe to see what is in store for the nation, and these Senators and Representatives deserve the thanks of the American people for their courageous stand to restore order to the nation's fiscal house," Wilson said.
"There should be no vote to further increase the debt ceiling unless the American people have the assurance that it will not need to be increased again, and again, and again," Wilson said, concluding, "Now it is time for Republican leaders in Congress to draw a line in the sand and take the pledge. The only way Republicans' leverage on the debt ceiling will work is if they're willing to not increase the debt ceiling."