ICYMI: National Governors Association Calls on Congress to Prevent Default "As Soon As Possible"

Yesterday, the bipartisan National Governors Association—representing all 55 of the nation's governors—called on Congress "to increase or suspend the debt limit as soon as possible." The statement explained, "Failure on the part of the Treasury Department to meet its federal obligations would create significant uncertainty and risk to American citizens, government services, and global financial markets."

Hours later, the President reiterated his call for Congress to prevent catastrophic default "without preconditions or crisis," as Republicans and Democrats did three times under Trump. Separately, the President welcomed a discussion on growing the economy and continuing to reduce the deficit, as supported by the nation's Governors.

Read more below:

National Governors Association: Governors Call for Fiscal Stability
[2/7/23]

WASHINGTON – Today, National Governors Association Chair Governor Phil Murphy of New Jersey and Vice Chair Governor Spencer Cox of Utah released the following statement after the Treasury Department began taking measures to avoid breaching the national debt limit.

"Our nation's Governors call on Congress and the Administration to work together to ensure a bipartisan solution to address the U.S. statutory debt ceiling. Failure on the part of the Treasury Department to meet its federal obligations would create significant uncertainty and risk to American citizens, government services, and global financial markets.

"We call on Congress to increase or suspend the debt limit as soon as possible. And we call on both the Administration and Congress to consider serious long-term reforms that will reduce the national debt and put the country on more sustainable fiscal footing. States and territories succeed when there is certainty and stability in federal resources."

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Founded in 1908, the National Governors Association (NGA) is the bipartisan organization of the nation's 55 Governors. Through NGA, Governors share best practices, address issues of national and state interest and share innovative solutions that improve state government and support the principles of federalism.