Job Creators Network Calls on Congress to Pass the Fiscal Responsibility Act
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement about the GOP bill to cut spending and resolve the debt ceiling crisis.
“Perfection should not be the enemy of the good. Neither side got everything they wanted, which is exactly what compromise sounds like to me, and what the American people demand. The Fiscal Responsibility Act, negotiated by Speaker McCarthy and President Biden, provides some long-needed restraint when it comes to government spending. Among other things, the bill holds non-defense discretionary spending to FY22 levels, limits federal spending, reduces funding for new IRS agents, blocks calls for new taxes, lifts more Americans out of poverty by getting them back to work, reins in executive overreach, and restarts student loan repayments.
“Defaulting on our debt is not an option. Historic and persistent inflation has done tremendous damage to our small businesses with tightened access to credit at regional banks. A default would lead to further tightening and higher interest rates. With our debt-to-GDP ratio already above 120 percent, government spending is clearly out of control. While the Fiscal Responsibility Act falls short of our desired spending cuts, we are at least starting to see fiscal restraint on spending, but we must find a solution to bring down our debt. The Left’s embrace of Modern Monetary Theory (MMT) has become one of our greatest economic threats. The idea that debt ceilings shouldn’t exist has been shown around the world not to work, crippling some of the world’s richest countries. The Job Creators Network encourages all members of Congress to pass this bill, and to finally pass a balanced budget amendment so that future debt fights can be avoided.”