Nonpartisan debt limit analysis report

Dear Friend,

In the wake of the ongoing debate on the Federal Debt Ceiling many people have been contacting my offices asking for a good source of unbiased, current information on the subject. Frankly, our country is faced with making a selection between a number of unpleasant options, so having information upon which to judge those options is more important than ever.

How much of our current budget is being funded by taxes, and how much by new borrowing? What happens if we do not raise the debt ceiling? What happens if the debt ceiling is raised without dealing with the underlying causes of the rising debt? What happens if we default on our debt?

The House Republican leadership recently invited Jerome Powell - former Undersecretary of Treasury in the George H.W. Bush Administration - to present members of Congress with a nonpartisan debt limit analysis, and to present a fact-based look at what consequences our country will be facing without a resolution to the current budget crisis.

I am linking to the report here, so that the people of Eastern North Carolina can fully understand the magnitude of the current situation. I urge you to read the report and share this information with your friends and loved ones.

Sincerely,

J

Walter B. Jones
Member of Congress (NC-03)