Called “innovative” by syndicated columnist George Will and using an approach endorsed by Harvard law professor Lawrence Lessig, a bipartisan effort to get Congress and 38 states to fix the national debt was announced today.
The Compact for America (CFA) initiative would, for the first time in U.S. history, give states a role in restraining Washington’s irresponsible debt spending.
HISTORIC OPPORTUNITY
Chip DeMoss, chief executive officer of Compact for America Educational Foundation, Inc., said Republican takeover of the Senate, as well as GOP gains in the House and in state-level elections, present a historic opportunity for permanent, bipartisan debt reform as early as 2015. “Senate leaders Mitch McConnell and Harry Reid can add their support to a reform that will help Americans for generations to come,” he added.
“Unlimited debt spending is bankrupting our nation,” said DeMoss. “We’re borrowing our kids’ futures with federal spending today, and they’ll face insurmountable taxation to cover the bill. The only way to roll back the deficit is to introduce a check and balance from the states.”
