Weekly Newsletter: Here at No Labels, we’ve been laser-focused on the debt ceiling crisis, especially since US Treasury Secretary Janet Yellen announced this week that default could happen as soon as June 1st.

Hi Friend,

Here at No Labels, we’ve been laser-focused ([link removed] ) on the debt ceiling crisis ([link removed] ) , especially since U.S. Treasury Secretary Janet Yellen announced this week that default ([link removed] ) could happen as soon as June 1st. The markets are showing signs of nervousness – would you believe it now costs more to insure U.S. Treasury bonds against a default than it does to insure the bonds of Portugal, Ireland, or the Czech Republic on the international markets?

As you may recall, partisan debates over raising the debt ceiling have brought our country to the brink of default before, with severe consequences. In 2011, the gridlock resulted in the first-ever downgrade ([link removed] ) of our nation's credit rating. And in 2013, the fighting led to a weeks-long government shutdown ([link removed] ) that left hundreds of thousands of federal workers furloughed.

With our debt now a staggering $31.7 trillion ([link removed] ) – double where it stood a decade ago – it's crucial that our leaders work together to avoid default while also taking meaningful steps to tackle America’s underlying debt problem.

Thankfully, there is already a blueprint for such a deal, as a bipartisan framework ([link removed] ) has been proposed by the House Problem Solvers Caucus. It’s a commonsense approach supported by 32 Democrats and 31 Republicans with the following goals:

- Suspend the debt ceiling through Dec. 31, 2023, and if the remaining steps are followed before then, increase it through Feb. 28, 2025 — after the 2024 elections;
- Establish an independent commission to recommend a package to stabilize the debt and deficit, which would be voted on by Congress; 
- Adopt controls for the 2024 federal budget to stabilize the deficit in the near-term; and
- Change the budget process, requiring appropriations bills and budgets to go through the full committee process, having the Government Accountability Office put out an annual "fiscal state of the nation" report, and mandating a mid-year budget report from the president. 

At No Labels, we are unified in our support for a commonsense solution that meets America’s challenges. We are hopeful that our leaders will settle on a strategy that avoids defaulting on the debt of the oldest continuously operating democracy in the world and finally starts chipping away at our spiraling debt.

You can play a part in this crucial conversation by contacting your members of Congress ([link removed] ) and encouraging them to put country before party and add their name in support of a deal based on the bipartisan framework put forth by the Problem Solvers Caucus.

Together, let’s make sure our leaders know we support them in avoiding a debt ceiling disaster ([link removed] ) .

Margaret White

Co-executive Director

Join us for No Labels Mission Control ([link removed] )

Wednesday May 10th - 5:00pm ET

No Labels is making history, and we want you to be part of it! We're working hard to build the launching pad for a potential independent Unity presidential ticket – featuring one Democrat and one Republican – in 2024. Forces within the two major parties have already registered their objections to this project, but they're only displaying a disconnect with how the country feels.

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Five Facts on the Debt Ceiling Debacle ([link removed] )

Since 1917, when the debt ceiling was first implemented as part of the Second Liberty Bond Act, Congress has voted to raise the debt limit more than 100 times, ensuring that the government can continue to spend money and pay its debts. But the U.S. is now less than a month away from breaching the debt ceiling unless the White House and congressional leaders can forge a deal. Here are Five Facts on how once-sedate debt ceiling votes have become so high-stakes and controversial.

READ THE FIVE FACTS ▸
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What is the debt ceiling and how do we fix it? ([link removed] )

The United States is facing a looming debt crisis, and the markets are already showing signs of nervousness. The cost of insuring against the US failing to repay its debts has risen to its highest level since the financial crisis, causing concern among traders that political deadlock in Washington may lead to a default. In fact, it now costs more to insure US Treasury bonds against default than it does to insure the bonds of Portugal, Ireland, or the Czech Republic on the international markets.

LEARN MORE ▸
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Donate to No Labels 2024 ([link removed] )

Your donations go directly towards continuing to collecting signatures, recruiting volunteers and working to ensure that the commonsense majority has a presidential ticket that stands for them in 2024.

PITCH IN HERE ▸
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Join our Twitter Activist Group ([link removed] )

We’re calling on every citizen who is fed up with the partisan nonsense to join our movement to push back against the partisan extremists who are hellbent on maintaining the status quo. Can I count on you to help get our message to more Americans and push back against the misinformation on Twitter and the rest of social media?

YES I WANT TO HELP ▸
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Contributions to No Labels 2024 are not tax deductible for income tax purposes. This email and related content are paid for by No Labels 2024, [email protected], which is not authorized by any candidate or candidate’s committee. To comply with federal law, we must use best efforts to obtain, maintain, and report the name, mailing address, occupation, and name of employer of individuals whose contributions exceed $200 per calendar year.

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