Hoyer Hosts Roundtable on Debt Limit with Financial Planning Professionals

UPPER MARLBORO, MD – Today, Congressman Steny H. Hoyer (MD-5) hosted local financial planning professionals for a roundtable to discuss the ongoing talks on the debt limit, the need for certainty in today's financial markets and Democrats' commitment to enacting a plan to bring down the deficit and ensure America pays its bills.

"I was pleased to meet today with local financial planning professionals, who provide a vital service to so many families here in the Fifth District," stated Congressman Hoyer. "In this time of significant uncertainty in our financial markets and our economy, they are dealt an enormous amount of responsibility: to ensure that their clients – who trust them to handle their finances, their children's college savings, their retirements, their security, and their future – are not put at risk. If we fail to pay our bills and default on our obligations, the consequences would be disastrous for all Americans. That is why Democrats are absolutely committed to paying our nation's bills and to restoring our nation to fiscal health. At the same time, the participants in today's meeting stressed that the strength of our economy, and of their clients' investments, depends in the long term on our country's fiscal health. It's not enough to pay our bills – we have to bring our debt under control."

In today's meeting, financial planning professionals discussed how the uncertainty in today's markets is affecting their business and their clients. Participants brought to the table their concerns regarding the economy and the ongoing debt limit negotiations, the impact that defaulting would have on their business, and suggestions on how to achieve a balanced approach to deficit reduction and move our economy forward.

"Most importantly, these constituents sent a strong message to Congress: we have to pay our bills, and failing to raise the debt ceiling is not an option," Hoyer continued. "We need both Democrats and Republicans to put country before party, and the first step to doing so requires a willingness on both sides to make hard choices and painful compromises. Democrats are doing that, and we want Republicans to join us. Both parties share responsibility for ensuring America pays its bills and reducing our debt in a comprehensive, balanced way so we can build a secure foundation for economic growth."

For more information on debt limit negotiations and how Congressman Hoyer is working to ensure America pays its bills while addressing the deficit in the long term, click here.