ALTA, 18 Other Organizations Urge Congress to Raise Debt Limit
May 23, 2023
ALTA and 18 other groups urged Congress to fulfill its bipartisan responsibility and raise the nation’s debt limit without delay.
“This is a Main Street issue—not a Wall Street issue,” the groups said in a letter to all members of Congress. “A historic default on our nation’s debt would result in serious harm and unprecedented consequences for Americans across the country, impacting everything from car and home loans to student debt to the interest we pay on our credit cards.”
The letter said default would also likely initiate a downgrade in the U.S. credit rating, which would not only imperil the economy, but raise debt costs for millions of businesses and consumers at a time of record inflation.
President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement May 22 on how to raise the U.S. government's $31.4 trillion debt ceiling.
If a deal is not reached, the country might be unable to pay all of its bills as soon as June 1, according to an assessment by the U.S. Treasury Department. Appearing Sunday on NBC, Treasury Secretary Janet Yellen said the “odds of reaching June 15th, while being able to pay all of our bills, is quite low.”
One cost-cutting measure proposed by the Biden administration’s, and rejected by Republicans, would have imposed limitations on the use of Section 1031 like-kind exchanges.
Contact ALTA at 202-296-3671 or [email protected].