Crapo Joins Budget Committee Republicans in Urging Chairman to Prioritize Fiscal Climate

Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho) and Senate Budget Committee Republicans are urging Chairman Sheldon Whitehouse (D-Rhode Island) to convene a series of hearings examining policies to address the nation’s looming economic challenges.  In a letter signed by all committee Republicans, the Senators cite credit downgrades and independent analyses warning of the challenges presented by growing debt, deficit and interest obligations.  The letter comes amid a barrage of warnings about the country’s deteriorating fiscal health.

“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,” the Senators wrote.  “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 comes 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 propose initiating hearings with testimony from the U.S. Department of the Treasury Secretary, Congressional Budget Office Director and representatives from Fitch, Moody’s and S&P Global Ratings.

“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,” the Senators continued.

The letter was also signed by Budget Committee Ranking Member Chuck Grassley (R-Iowa), and Senators Rick Scott (R-Florida), Lindsey Graham (R-South Carolina), Ron Johnson (R-Wisconsin), Mitt Romney (R-Utah), Roger Marshall (R-Kansas), Mike Braun (R-Indiana) and Mike Lee (R-Utah).

Read the letter here.