In a recent push for more funding, dozens of House Democrats have proposed the elimination of the debt ceiling, which would allow them to borrow money without any limits imposed on them by Congress.
Last week, they hit the $31,381 trillion debt ceiling, prompting House Republicans to demand some cutbacks on federal spending; it’s hit record growth with all the vanity projects the Democrats have pushed for.
As if Biden wasn’t already overspending…
In typical Democratic fashion, they’re now claiming the GOP is attempting to prevent a debt ceiling hike, solely to prevent the government from funding their current obligations.
Raising the debt ceiling isn’t going to solve the runaway spending that is burdening future generations. @TPPF
— Mayra Flores (@MayraFlores2022) January 23, 2023
If they’re allowed to borrow without any limits, our economy isn’t in a good position to handle it and will be brought to the brink of collapse.
Democrat Representative Bill Foster stated the Republicans are planning on weaponizing the debt ceiling, claiming it’s a move that could completely ruin the US economy.
According to Foster, preventing a debt ceiling hike could cause a replay of what happened in 2011; the US experienced a massive debt ceiling crisis, which led to our credit rating’s first downgrade.
Foster continued, adding the government needs to pay the bills and preventing any additional borrowing is akin to buying an expensive meal and skipping without paying, even though we wouldn’t even be in this position, had it not been for the Democrats’ overspending.
Instead of raising the debt ceiling for the 80th time, Congress should try passing a balanced budget.
— Brigitte Gabriel (@ACTBrigitte) January 19, 2023
Biden’s hypocritical approach to debt
The Biden administration also chimed in on the situation, claiming a debt ceiling hike wouldn’t allow for any additional spending, but this doesn’t change the fact that piling on debt isn’t the rational thing to do right now.
House Republicans assured the real issue lies in the fact that Congress kept approving new spending programs without even looking at how close we were to the borrowing limit and now, all of those obligations are stuck in limbo.
Back in 2008, our national debt reached a total of $9 trillion. 15 years later, we’ve more than tripled that number, thanks to dozens of spending programs that we simply couldn’t afford.
The COVID crisis was particularly impactful, driving federal spending to record highs and even though the emergency has long since subsided, the government continued its overspending spree.
“There will be no negotiations of the debt ceiling.” – White House Deputy Press Secretary.
— Rep. Lauren Boebert (@RepBoebert) January 23, 2023
In 2019, right before COVID hit, the federal government spent $4.4 trillion, increasing to $6.5 trillion in 2020, $6.8 trillion the following year, and finally, in 2022, a grand total of $6.3 trillion.
Despite the fact the pandemic crisis is long gone, Biden announced he’s planning to spend upwards of $6 trillion this fiscal year.
However, some House Republicans were quick to point out how hypocritical Biden can be, seeing as he was the one to champion the idea of bipartisan debt ceiling negotiations back in 2011.
The Treasury Department announced that federal worker retirement plans will be halted temporarily in an attempt to avoid any additional borrowing, but they’ll ultimately have to raise the debt ceiling by summer this year.