Mazzei Minute: 05/12/23
Spending is already up 12% seven months into the current fiscal year and professional politicians in the D.C. swamp keep overspending. As a result, the debt ceiling for the U.S. Government must be raised soon. The battle is now over what accountability should be placed around an increase.
President Biden, D.C. Democrats, and the media are weaving the false narrative that the only way to ensure America will not default on debt payments is to increase the debt ceiling with no restraints.
This is simply not true. There’s plenty of cash coming into the U.S. Treasury to make interest payments to U.S. bondholders. Other payments may have to be delayed for a time, but the U.S. Constitution forbids failing to pay our debt obligations.
However, by convincing everyone that a catastrophe will occur without authorization to borrow even more money, D.C. politicians are just greasing the wheel for more unchecked spending.
Fortunately, sound fiscal conservatives, like Oklahoma’s Congressmen Kevin Hern and Josh Brecheen, want to end the insanity of just raising the credit card limit. They are acutely aware that interest payments have risen 40%, or $107 billion, thanks to higher interest rates from increasing inflation caused by big government blowout covid spending. Republicans have adopted a plan that limits future spending increases to 1%, requires work for able-bodied Medicaid participants, and ends the foolish giveaways to pay off student loans.
So far, Joe Biden and liberal Democrats are saying “No” to the very reasonable House proposal. They believe we can spend the country into oblivion, even though this will turn the United States into the land of skyrocketing inflation and destructive unemployment. But I don’t think the American people will stand for that.