Today, Representative Scott Peters (D-CA) introduced two pieces of legislation, the Protect America's Credit Act and the Pay Down the Debt Act, based on proposals put forward by Moment of Truth Project Co-Chairs Erskine Bowles and Alan Simpson in The Bipartisan Path Forward.   Simpson and Bowles released the following statement.

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"We are very pleased that Representative Scott Peters has introduced legislation to deal with our nation's debt and the debt limit in a responsible manner based on an idea in the budget plan we put forward earlier this year. The political fights over the past two years about raising the debt limit have severely harmed confidence in our government and created tremendous uncertainty. At the same time, debt cannot continue to grow faster than the economy without risking a fiscal crisis. The legislation introduced by Representative Peters would not only help avoid the dangerous political brinksmanship surrounding the debt limit, but also establish a mechanism to ensure Congress and the President act in advance of a crisis if the debt is projected to begin growing faster than the economy.  We hope this legislation receives serious consideration as Congress grapples with the debt limit issue in the coming weeks."