Yesterday, the United States hit the debt limit of $31.4 trillion. After two years of reckless deficit spending, the Biden Administration is refusing to negotiate with Republicans to protect taxpayers and solve our nation’s debt crisis.
Democrats accelerated spending following the last massive debt limit increase: After passing the largest debt limit increase in American history, it took Democrats only a little over a year to max out the Federal Government’s credit card again.
Democrats outspent record high revenue: Despite record tax revenues from the Republican-passed Tax Cuts and Jobs Act, federal spending has continued to balloon, increasing by $10 trillion over the last two years, a record for a new President.
There’s a bipartisan path forward: Instead of refusing to negotiate, Democrats need to join Republicans in crafting a plan that protects taxpayers. All eight major spending reforms since 1985 have been attached to debt ceiling legislation.
Giving in to Democrats’ demand for a debt ceiling increase without implementing fiscal guardrails is neither reasonable nor responsible. Democrats and Republicans must seize this opportunity to rein-in our unsustainable spending and reorient our nation’s financial trajectory before it’s too late.
Let’s be clear – we will pay our debts and protect the good faith and credit of the United States, but we will not allow the profligate spending of politicians to bankrupt our country and destroy our children’s future. A debt crisis looms large over the horizon and, if we fail to confront it, our nation will reap the disastrous and irreparable consequences associated with it.