This week, U.S. Sens. Rick Scott, R-Fla., Chuck Grassley R-Iowa, and all U.S. Senate Budget Committee Republicans urged U.S. Sen. Sheldon Whitehouse, D-RI, the chairman of the committee to convene a series of hearings examining policies to address the nation’s looming economic challenges.
In a letter cosigned by all committee Republicans, the senators cited credit downgrades and independent analyses warning of the challenges presented by growing debt, deficit and interest obligations.
The senators wrote, “Under your chairmanship, the Senate Committee on the Budget has dedicated significant time and attention to climate issues, holding 12 separate hearings on climate change this year alone. We implore you to direct the Committee’s agenda to the impending budgetary and fiscal crisis facing our nation – issues at the heart of this committee’s jurisdiction. There’s no time to spare.”
The letter came after credit agencies Moody’s Investors Service and Fitch Ratings downgraded outlooks on the United States’ creditworthiness. A Penn Wharton Budget Model study also warned the window to take corrective fiscal action is closing rapidly, and once it closes, no amount of tax increases or spending cuts could avoid a government default.
The senators proposed initiating hearings with testimony from the Treasury secretary, Congressional Budget Office director and representatives from Fitch, Moody’s and S&P Global Ratings.
The senators continued, “Tough conversations on our nation’s fiscal health need to be had to preserve our nation’s economic strength. If we want to be the global leader in the economic marketplace, then we need to lead from the front with strong fiscal responsibility.”
