The One Big Beautiful Bill is just the latest in a long line of overstuffed bills that are leading our country toward a fiscal cliff. That is why we are building a plan to prevent a future fiscal crisis.
<<<SIGN OUR PETITION IF YOU SUPPORT A PLAN TO RESPOND TO A FISCAL CRISIS>>> ([link removed] )
John,
In the coming days, Congress will move to pass a final version of President Trump’s One Big Beautiful Bill. It is over a thousand pages long, projected to add $4 trillion to the deficit, and members of the House will have just 72 hours to review it before they are asked to make one of the most consequential fiscal decisions in a generation.
But here is our takeaway: The One Big Beautiful Bill is the latest chapter in a story that has played out the same way for years – one party takes power, cobbles together a sprawling reconciliation bill packed with ideological priorities and rams it through on a party-line vote. Read our quick history of the reconciliation loophole here ([link removed] ) .
This has happened under Democrats. It is now happening under Republicans. And if nothing changes, it will happen again, until the system breaks under the weight of its own excess.
Right now, the United States is carrying $37 trillion in debt, with $23 trillion of that added in just the last 15 years. That pace is unsustainable, and if the day comes when global markets lose confidence in our ability to pay what we owe, if a bond auction fails, if interest rates spike overnight, if the dollar wobbles, then the fallout will not be limited to Wall Street. It will shake the foundations of the global economy and hit every household that depends on the full faith and credit of the U.S. government.
Social Security payments could be delayed. Medicare reimbursements could be slashed. Food assistance, housing support, veteran benefits – none of it is untouchable in a crisis. And make no mistake, this would not be the result of some distant war or economic shock. It would be a crisis of our own making, brought on by years of dysfunction in Washington.
That is why No Labels is not sitting back and hoping cooler heads will prevail. We are building what Washington has refused to: a serious plan for what to do when the fiscal system buckles.
We have quietly brought together a high-level, bipartisan working group of current and former lawmakers, private sector leaders, and seasoned public officials to develop what we are calling a “Break Glass” strategy. This is a practical, detailed, ready-to-execute roadmap that Congress can use if and when the bottom falls out.
Because someone has to be ready.
And we know something else: leadership still matters. In 2021, when President Biden tried to push through his $3.5 trillion Build Back Better bill, it was a small group of No Labels allies who said no. They refused to rubber-stamp another bloated reconciliation package. They stood their ground, and instead, helped pass a real bipartisan infrastructure bill that is already creating jobs and preparing the country for the future.
That kind of leadership should not be rare. But in Washington today, it is. And that is exactly why we need more of it.
No Labels believes in democracy. We believe in working through our disagreements and building toward common ground. But none of that will matter if the system collapses. Democracy does not survive bankruptcy. Markets do not wait for consensus.
So, if you are watching what is happening with this bill and thinking, “This cannot go on,” you are right. It cannot.
But there is a difference between saying that and preparing for what comes next.
We are choosing the second path. And we hope you will join us.
SIGN OUR PETITION IF YOU SUPPORT A PLAN TO RESPOND TO A FISCAL CRISIS ▸
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Margaret White
Co-Executive Director
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