Mike Needham

Treasury Secretary Timothy Geithner, the President’s longest serving economic advisor, is inciting more uncertainty by his constant references to default. Congress can end the uncertainty. They can silence the hysteric rhetoric of default and economic “Armageddon” by exercising its constitutional power of the purse and prioritize federal spending.

As Heritage Foundation economist J.D. Foster, Ph.D. points out:

“Both immediately and long after it reaches the debt limit, the government would have far more than enough revenue coming in that the Secretary of the Treasury could use to pay interest on the debt. Nor would preserving the current debt limit put at risk the full faith and credit of the United States government, as the President’s chief economic adviser has claimed. The government would continue to pay net interest as it comes due.”

There is no reason to panic. And there is no reason to accept a bad deal that is riddled with half-measures, gimmicks, tax increases and defense cuts. Congress has time and options on the debt ceiling.

In the event that liberals will not allow us to raise the debt ceiling because they cannot stomach substantive, systemic changes to put the country back on sound footing, conservatives must develop a responsible plan. Congress must exercise their constitutional power of the purse, building upon the framework of the Toomey-McClintock legislation, and prioritize federal spending.

One thing is certain, we must reject Washington’s inclination to go behind closed doors and strike a grand bargain. Heritage Action, and the hundreds of thousands of Americans we represent, demand transparency and accountability. Americans must feel confident their Members of Congress understand what they are voting on. There must not be another “pass the bill so that we can find out what is in it” moment.

Our nation’s spending problem has grown so large it is impossible to ignore. It not only dominates Washington, but it is on the mind of the American people as they look toward the future. They see the riots in Greece, which was threatening to default on its debts, and they wonder if that is in store for America.

With strong leadership and a commitment to our children and grandchildren we can avoid that fate. We have the opportunity and obligation to change course. It is a challenge we must not fail.

Mike Needham

Mike Needham is the Chief Executive Officer of Heritage Action for America, a grassroots advocacy organization dedicated to advancing legislation that promotes freedom, opportunity and prosperity for all Americans.